Blackstone exits Mindspace REIT; sells post-IPO stake to Abu Dhabi Investment Authority

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Mindspace, backed by K Raheja Corp and Blackstone, became the second real estate trust to be listed on the Indian bourses in September 2021, after Embassy Office Parks REIT. US private equity giant Blackstone, the largest owner of commercial office space in India, has unlocked value and made a complete exit from Mindspace Business Parks REIT (real estate investment trust) by selling its balance 9.2 percent stake through the block trade route to Middle East sovereign fund Abu Dhabi Investment Authority (ADIA), sources in the know told Moneycontrol. The transaction marks the debut investment for ADIA in the domestic REIT space, these sources added. According to one of the persons cited above, the deal was struck for around $240 million. A second person confirmed the sale of Blackstone’s existing stake via the block trade route. Both spoke to Moneycontrol on condition of anonymity. Moneycontrol could not elicit an immediate comment from Blackstone and ADIA and is awaiting a response to email queries. This article will be updated as soon as we hear from both the firms. Mindspace, backed by K Raheja Corp and Blackstone, became the second real estate trust to be listed on the Indian bourses in September 2021,…