Two entities of Blackstone sold 21% stake in Nexus Select Trust, a real estate investment trust sponsored (REIT) by the US-based investor, according to bulk deal data released by the exchanges on Friday. Blackstone raised Rs 4,455 crore through the sale. The units were sold at Rs 38 apiece against a floor price of Rs 135.
Blackstone’s stake in the REIT has come down from 43.1% to 22% after the stake sale.
Foreign investors such as Carmignac Gestion, Morgan Stanley, Wells Fargo and others bought the units while domestic investors who purchased included ICICI Prudential Mutual Fund, HDFC Mutual Fund.
The sale happened at a 4.3% discount to Thursday’s closing price of Rs 144.1. The REIT’s units closed at Rs 137.88 on Friday, 4.51% down from Thursday’s price.
Blackstone has exited its holdings in its listed REITs, including Embassy Office Parks REIT and Mindspace Business Parks REIT.
Nexus Select Trust has a portfolio of 17 centres with a space of about 10 million square feet as on June 2024.
Net profit of Nexus Select Trust rose 48.68% to Rs 139.58 crore in Q1FY25 as against Rs 93.88 crore in Q1FY24. Sales rose 96.03% to Rs 553.82 crore in in Q1FY25 against Rs 282.52 crore during the Q1FY24.