Embassy-Blackstone REIT likely to hit Indian market early next year

The annual rental income of the portfolio is over Rs 20 billion and is expected to go up by 50 per cent in the next three years as rentals go up

Embassy Office Parks, a joint venture between Blackstone and Embassy group, is looking to float the public issue of its real estate investment trust (REIT) early next year, a source has said. This will be the country’s first public issue of REIT.

REITs are like mutual funds, whose units can be traded on exchanges. They are tax-efficient instruments as 90 per cent of profits are distributed as dividends. Market experts were expecting the approvals from Sebi to come around Diwali this year.

“They are hoping to get Sebi clearance by mid-November. Then they will get a short window for roadshows as investors