Blackstone has bought 20.8 per cent stake in its mall-based actual property funding belief, Nexus Choose Belief, mopping up ₹4,361 crore at ₹138 a unit, alternate information confirmed.
The non-public fairness agency, which held 43.13 per cent stake within the REIT on the finish of June, divested the stake on each the NSE and BSE by means of a number of bulk offers.
The items offloaded by Blackstone had been acquired by Indian and abroad funds corresponding to Morgan Stanley Asia, HDFC Flexi Cap Fund, ICICI Prudential MF, French asset administration agency Carmignac, and Wells Fargo Rising Markets.
Over 2.6 per cent stake was acquired by two funds of Morgan Stanley Asia, whereas HDFC MF purchased round 2 per cent.
Nexus Choose listed on the bourses in Could 2023 with a problem worth of ₹100 and from a 52-week low of ₹114.12 that month it rose to a 52-week excessive of ₹154.85 within the final week of July this 12 months. It has principally been buying and selling in a slim vary by means of the previous 12 months.
Monetisation technique
The stake sale is a part of the US non-public fairness agency’s monetisation technique in investments it holds in India and churn in its portfolio. In December 2023, it had exited its funding in Embassy Workplace Parks REIT , whereas previous to that it had exited its stake in Mindspace Enterprise Parks REIT.
Blackstone is credited with the launch of actual property funding trusts in India and of the 4 REITs in India, it has been concerned within the launch of three of them.
Nexus Choose is just one of many 4 REITs to have retail belongings as its underlying portfolio.
Blackstone is learnt to be working to launch its subsequent workplace REIT below Nucleus Workplace Parks, which shall be a three way partnership with the Bengaluru-based Sattva group.