The first real estate investment trust (REIT) is soon going to arrive in the country. Its rules were implemented four years ago and in the last few years the government had made many changes to bring it to the Global Standard. American Private Equity firm Blackstone Group and Embassy Group's joint venture, Ambassie Office Parks will submit the document to SEBI on Monday.
With the country's first standing, it will be Asia's largest issue in terms of office portfolio area. With this listing, India will be joining Global Read markets like America, UK, Singapore, Japan, Australia and Canada.
Embassi gets an annual lease rent of Rs 2,000 crore from companies such as Google, JP Morgan, Microsoft, Cisco, IBM, Wells Fargo and Mercedes Benz. The company has more than 150 tenants.
About this, EY India Chairman Rajiv Memani said, "Reit will increase funding options for Indian Real Estate Sector. After 2011, Blackstone has been a pioneer in terms of investment in office space and is the biggest investor in this segment.
There will be more than 70 Assets of Mumbai, Bengaluru, Pune and NCR in the REIT Portfolio of Embassi Office Parks. Apart from this, Blackstone has included in the express tower of Nariman Point, a part of first International Financial Center at Bandra Kurla Complex, and in 247 Parks of Vikhroli in Mumbai.
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