Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at about $2.5bn .The REIT could be listed soon as 2023. Blackstone is planning to file an IPO as soon as next month of its Indian shopping mall portfolio that could raise about $500mn.
The PE firm has been interviewing advisers for the Mumbai listing of real estate investment trust who asked not to be identified because the information is private.
Nexus Malls operates 17 shopping centers across 13 Indian cities and has about 10mn sq ft of retail space. The company has acquired seven malls from Prestige Estates Projects Ltd as a part of a deal agreed in 2020.
Blackstone is backer of Embassy Office Parks REIT the first property trust to conduct an IPO in India. The vehicle raised Rs 47.5 bn in 2019.
