Private equity major Blackstone Group has sold its entire 9.2% stake in K Raheja-backed Mindspace Business Parks REIT to sovereign wealth fund Abu Dhabi Investment Authority (ADIA) for $235 million, or ₹1,740 crore.
The global institutional investor has sold the stake through bulk deals on the stock exchange at a price of ₹320 per unit, a 16% premium over the REIT’s August 2020 IPO price of ₹275 per unit and a 2.5% discount to Friday’s close of ₹328 per unit.
In March 2017, Blackstone had acquired a 15% stake in the K Raheja Corp’s commercial real estate portfolio. In August 2020, the portfolio went public as Mindspace Business Parks REIT.
Read more/Source: Economic Times
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