Blackstone to sell 330 mn units in Nexus Select Trust for nearly Rs 4500 cr

Global investment firm Blackstone plans to sell 33 crore units in its REIT firm 'Nexus Select Trust' for nearly Rs 4500 crore through a block deal on stock exchanges, according to sources.

Blackstone currently holds around 43 per cent stake in Nexus Select Trust, which is India's first real estate investment trust (REIT) backed by retail properties.

According to sources, Blackstone plans to sell 33 crore units in Nexus Select Trust at a floor price of Rs 135 apiece.

Block deal is likely to happen on Friday.

Blackstone intends to monetise its investment through this block deal.

Post divestment of these units, Blackstonestake in Nexus Select Trust will come down to 21 per cent.

Nexus Select Trust's portfolio comprises 17 shopping malls with a gross leasable area of 9.9 million square feet spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a Gross Leasable Area of 1.3 million square feet.

Blackstone has sponsored three REITs in India -- Embassy Office Parks REIT, MindspaceREIT and Nexus Select Trust, which got listed last year after raising more than Rs 3000 crore through public issues.