Blackstone plans to file $2.5 billion IPO in mall portfolio: report

Blackstone Inc. plans to file an initial public offering for its Indian mall portfolio next month that could raise around $500 million, people familiar with the matter said.

The private equity firm interviewed advisers for the Mumbai listing of a real estate investment trust, according to the people, who asked not to be identified as the information is private. Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at around $2.5 billion, the people said. The REIT could be listed as early as 2023, they said.

Preparations are at an early stage and registration details could change, the sources said. A company representative declined to comment.

Nexus Malls operates 17 malls in 13 Indian cities and has around 10 million square feet of retail space, according to its website. The group purchased its first mall in Gujarat in 2015. The company acquired seven malls from Prestige Estates Projects Ltd. under a deal completed in 2020. Blackstone is the largest commercial property owner in India. It is a backer of Embassy Office Parks REIT, the first real estate trust to conduct an IPO in India. The vehicle raised Rs 47.5 billion in 2019.

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