The world’s largest alternative asset manager, Blackstone Group in partnership with the Sattva Bengaluru & Panchshil Realty- Pune, is under advanced considerations to launch a commercial REIT in the year 2025. The offer is projected to be completed to the market regulator by mid of the FY25.
The forthcoming REIT with an estimated portfolio of more than 40 million square feet, which would rank as the second largest commercial real estate trust in South Asia after Embassy REIT, which comprises a portfolio of 45.4 million square feet.
To mention, Embassy REIT is the first openly listed REIT in India which owns & functions office spaces, parks & four office buildings in Mumbai, Bengaluru, Pune & Delhi. In the month of December, Blackstone departed from Embassy REIT.
Official People subjected to this matter said that the planned REIT envisions a valued 1-1.5 million square feet of office space scheduled for the expansion in the beginning of FY25. This exclusive initiative replicates the wider partnership network between the Blackstone and the Sattva Group, expanding their presence in Bengaluru & Hyderabad.
Amid Hyderabad & Bengaluru, these two ventures mutually operates 33 million square feet of commercial developments approximately by weaving almost equal equity stakes. Furthermore, the collaboration between Sattva Group & Blackstone expands to the acquirement of Global tech village of Bengaluru in the month of September 2020.
Seeing this, the launch of fourth commercial REIT in India is geared up to restructure the real estate investment sphere of the nation by presenting novel possibilities for real estate investor to thrive in the development of commercial real estate sector.
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