 "Kotak Realty Fund buys 4.9% stake in Embassy REIT for Rs 1,600 crore")
Kotak Realty Fund has on Tuesday picked up 4.9 per cent stake in Embassy Office Parks real estate investment trust (REIT) for Rs 1,600 crore at Rs 345 apiece.
The money invested came from Kotak Investment Advisors’ 12th real estate fund, which raised $590 million.
The money invested came from Kotak Investment Advisors’ 12th real estate fund, which raised $590 million.
Meanwhile, Blackstone Group sold its 4 per cent stake in Embassy REIT to mop up Rs 1,301 crore, data provided by stock exchanges showed. Blackstone had planned to sell as much as 8.12 per cent in Embassy REIT.
However, block deal data showed it sold less than half of it. A banker handling the share sale said they were able to offload the entire 8.12 per cent stake.
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