Blackstone Group & Embassy Group to launch REITs soon and list it in local stock exchanges
Blackstone the premier global investment and advisory firm and its local partner Embassy Group are likely to set up India’s first real estate investment trust (REIT). They will list it in on domestic exchanges next year.
Chief Executive for Commercial Real Estate Division Michael Holland of Embassy Property Developments mentioned that his team has already started the ground work. The company is waiting for some positive steps from the government. The team is evaluating all the regulatory issues and is hopeful to get some clarity on it by next year.
Holland mentioned that his company expected more clarity on these issues, including exemption from capital gains tax among other issues after the next Budget. Embassy and Blackstone have already been in a partnership and have a joint portfolio of over 16 million square feet of office space in Bangalore and Pune.
Holland also mentioned that the company wishes to increase the portfolio to 30 million square feet in the top five metros and the company’s officials are busy searching for suitable assets to add to the portfolio. This portfolio is likely to have a value of USD 2 billion on the stock exchanges. Holland also mentioned that his company wants to list in the local stock exchange as these REITs are for the Indian market and the investors are based in India.
Source- The Economic Times
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