Blackstone launches block deal in Embassy REIT to raise $250 million

Global private equity fund manager Blackstone has launched a block deal to raise between $250 million and $257 million in Embassy Office Parks REIT (real estate investment trust). It is the country's first listed REIT, said sources in the know.

The secondary placement of units in a price band of Rs 340-350 apiece is at a discount of 3.7-6.4 per cent to Tuesday’s closing price of Rs 363.55 on the National Stock Exchange.

"Since markets have picked up, Blackstone thought it prudent to exit,” said a source.

Blackstone declined to comment. The world's biggest alternative assets manager holds 55 per