Blackstone sells 8.7% stake in Embassy REIT for $300 million
Updated : June 24, 2020 05:13 PM IST
Blackstone continues to hold 46.3 percent majority stake in Embassy REIT after Wednesday’s share sale.
Embassy REIT unit prices fell last week after speculation that IBM was considering ending office leases owing to the work-from-home trend in the wake of the coronavirus pandemic.
IBM is the single largest tenant for Embassy REIT contributing 12 percent of its total rental revenues.