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Embassy REIT shares fall to nine month low after block deal

Embassy REIT shares fall to nine month low after block deal

Embassy REIT shares fall to nine month low after block deal
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By Asmita Pant  Sept 27, 2022 5:16:29 PM IST (Published)

The stock of the realty was 1.3 percent down at Rs 347.1 on BSE at 3:10 pm. 

The shares of Embassy Office Parks Real Estate Investment Trust (REIT) fell  1.7 percent to a nine-month low after 77.1 million shares changed hands, according to Bloomberg. The buyer(s) and seller(s) are, however, not known.

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The stock of the realty company was 1.3 percent down at Rs 347.1 on Bombay Stocki Exchange (BSE), as of 3.10 pm.
Earlier, it was reported that Blackstone Inc was likely to sell 7.7 crore units of the company worth Rs 2,650 crore through block deals on Tuesday, September 27. Reportedly, IIFL, BofA, and Morgan Stanley are brokers to the deal.
Abu Dhabi's sovereign wealth fund is likely to pick up at least half of the stake that Blackstone is to sell, according to a source.  According to a Reuters report, Blackstone will sell a stake worth up to $400 million in Embassy Office Parks REIT.
Earlier, Blackstone had sold its entire stake in Mindspace Business Parks REIT for $235 million.
Embassy Office Parks — India's first REIT to list in 2019 — owns and operates more than 42 million square feet portfolio of office parks and buildings in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
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