Blackstone Sells Major Stake in Nexus Select Trust REIT for Rs 4,550 Crore

Global investment firm Blackstone sold 33 crore units in Nexus Select Trust for Rs 4,550 crore as part of a strategy to monetise its real estate portfolio. The sale reduced Blackstone's stake from 43% to 21%. Nexus Select Trust's portfolio includes 17 shopping malls among other assets.

Global investment firm Blackstone on Friday sold 33 crore units in its REIT firm 'Nexus Select Trust' for around Rs 4,550 crore through a block deal on stock exchanges as part of a strategy to monetize its real estate portfolio, sources said.

Blackstone currently holds around a 43 percent stake in Nexus Select Trust, India's first real estate investment trust (REIT) backed by retail properties. The firm sold these units at Rs 138 apiece, slightly above the floor price of Rs 135 apiece.

Domestic mutual funds and insurance companies such as ICICI Prudential and HDFC Life Insurance acquired the majority of the units, while foreign companies like Wells Capital Group and Carmignac also participated. Several existing investors increased their holdings in Nexus Select Trust.

This strategic divestment from Blackstone has reduced its stake in Nexus Select Trust to 21 percent. The Trust's portfolio includes 17 shopping malls with a gross leasable area of 9.9 million square feet across 14 cities, two complementary hotel assets with 354 keys, and three office assets with a gross leasable area of 1.3 million square feet.

Blackstone, which has sponsored three REITs in India including Embassy Office Parks REIT and MindspaceREIT, listed Nexus Select Trust last year after raising more than Rs 3,000 crore through public issues.

(With inputs from agencies.)