Blackstone, Karnataka minister to bring assets under Embassy REIT

U S based private equity firm Blackstone and Karnataka IT & BT minister KJ George would bring some of their assets in the proposed real estate investment trust or REIT to be floated by Blackstone-Embassy joint venture, said sources in the know.

The JV company Embassy Office Parks’ plan to submit application for REIT was delayed as George was undecided on bringing his share in Embassy Golf Links (EGL), a 4.5 million square feet information technology park in Bengaluru, under the REIT.

The property is a 50:50 JV between Embassy Office Parks and George’s Kelachandra group.

According to sources, the minister has made