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Blackstone's Indian REIT files offer document for 47.5B-rupee IPO

Blackstone Group LP and Embassy Group have taken a big step forward in their years-in-the-making plan to list India's first real estate investment trust.

Embassy Office Parks REIT filed March 11 an offer document with the Bombay Stock Exchange for the planned IPO, noting that it is targeting to issue 47.5 billion-rupee worth of new units, with 8.76 billion rupees already allocated to strategic investors. Bidding for the IPO units will run March 18-20.

The strategic investors are allocated 29,208,800 units at 300 rupees apiece. The investors are American Funds Insurance Series – New World Fund, American Funds Insurance Series – Global Small Capitalization Fund, New World Fund Inc. and SMALLCAP World Fund Inc., in order of subscribed units from lowest to highest.

The 129,556,000 new units that will be offered in the float are expected to price between 299.00 rupees and 300.00 rupees apiece.

The office-focused real estate company will be listed on National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd., which gave in-principle approval for the listing Oct. 8, 2018, and Oct. 11, 2018, respectively. The units will be designated on the NSE.

Embassy Office Parks plans to use proceeds from the IPO to repay debt, pay for certain properties and for general purposes.

The REIT's sponsors are Embassy Property Developments Pvt. Ltd. and BRE/Mauritius Investments. The trustee is Axis Trustee Services Ltd., and the manager of the trust is Embassy Office Parks Management Services Pvt. Ltd.

Embassy Office Parks is coming on the public market with seven office parks and four office buildings, offering a combined 32.7 million square feet of space, with the office parks including four hotels with 1,096 keys. The whole portfolio has a market value of about 314.81 billion rupees.

The global coordinators and book-running lead managers are Morgan Stanley India Co. Pvt. Ltd., Kotak Mahindra Capital Co. Ltd., J.P. Morgan India Pvt. Ltd. and DSP Merrill Lynch Ltd. The book-running lead managers are Axis Capital Ltd., Credit Suisse Securities (India) Pvt. Ltd., Deutsche Equities India Pvt. Ltd., Goldman Sachs (India) Securities Pvt. Ltd., HSBC Securities and Capital Markets (India) Pte. Ltd., IIFL Holdings Ltd., JM Financial Ltd., and Nomura Financial Advisory and Securities (India) Pvt. Ltd.

As of March 11, US$1 was equivalent to 69.86 rupees.