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 up his mind on bringing his share under the REIT now. He could not be contacted for this article.
The JV will file its draft prospectus for REIT next month, said sources. The REIT, which will be the country's first REIT offering and is expected to raise $ 1 billion from investors.
* It will be the country's first REIT; expected to raise $ 1 billion from investors.
* The JV has a portfolio of 23 mn sq ft and has a potential to develop another 10 million sq ft.
Embassy Office Parks has a portfolio of 23 million sq ft and has a potential to develop another 10 million sq ft. It has properties such as Embassy Golf Links, Embassy Manyata Tech park, Embassy Tech Village In Bengaluru and Embassy Tech Zone in Pune among others.
A mail sent to Embassy chairman Jitu Virwani di...