A joint venture between Blackstone Group Inc. and Indian real estate developer K Raheja Corp. Pvt. Ltd. is planning to list what would be the second real estate investment trust in India, Bloomberg Quint reported, citing two people aware of the development.
K Raheja, which is finalizing bankers for the potential REIT, is set to file its draft red herring prospectus by 2019-end. The planned listing could occur in 2020-2021, one of the sources reportedly said.
The private equity giant will own 15% of the new entity, while the remaining 85% will be held by K Raheja, the sources added. The trust's portfolio will potentially include at least 10 K Raheja offices.
The REIT will have 10 million square feet of under-construction projects, as well as 20 million square feet of completed properties, according to the report.
The first REIT to successfully list in India is Blackstone-backed Embassy Office Parks REIT earlier in 2019.
Blackstone and K Raheja did not immediately respond to emailed queries, according to Bloomberg.
