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Report: Blackstone readies draft prospectus for India's first REIT

BlackstoneGroup LP and a local partner are expected to file a draftprospectus for an IndianREIT in the week of Oct. 2, the BusinessStandard of India reported.

Citing Jitu Virvani, president of Embassy Group, the Sept.26 report said the partners are looking to raise US$600 million for what willbe India's first REIT.

Blackstone previously sought to a US$2 billion REIT with EmbassyGroup but the plans were shelved in 2015 due to tax issues.

On Sept. 23, the Securities and Exchange Board of Indiaapproved certainchanges to its regulations to encourage the establishment of infrastructureinvestment trusts and REITs. Among the amendments is the removal on the limiton the number of sponsors of a REIT.