World asset supervisor Blackstone and Indian actual property developer Sattva have filed the draft prospectus for an actual property funding belief to lift ₹6,200 crore (about $712 million) with a business portfolio of 48 million sq. ft, of which 37 msf is accomplished.,
Sources stated the REIT will increase something within the vary of ₹5,700-7,500 crore.
Known as Data Realty Belief will probably be the biggest workplace REIT within the nation primarily based on the gross asset worth of ₹59,445 crore and web working earnings of ₹1,632.4 crore within the first half of FY25, the prospectus stated.
Blackstone holds 55 per cent stake within the enterprise and the rest is held by Sattva.
The portfolio consists of 30 workplace belongings in six cities, with a dedicated occupancy of 89.9 per cent. The properties are 90 per cent leased with marque tenants, of which 76 per cent are multinationals and 45 per cent World Functionality Centres.
Of the difficulty’s complete proceeds, ₹5,800 crore will likely be used to partially or absolutely repay some money owed of the asset particular function autos and funding entities and the rest for common company functions.
Some well-known properties owned by the enterprise embody One BKC in Mumbai, Sattva Data Metropolis in Hyderabad, Sattva Horizon in Bengaluru, One Unity Centre in Mumbai and Kosmo One in Chennai.
The web working earnings has a progress potential of 18 per cent the following two years whereas the properties have a mark-to-market upside potential of 15 per cent. The enterprise additionally has a pipeline of seven.5 msf below proper of first provide, whereas the weighted common lease expiry is 8.6 per cent, which supplies it stability in lease leases.
That is Blackstone’s third workplace REIT in India after Embassy Workplace Parks and Mindspace Enterprise Parks. It additionally sponsors Nexus Choose Belief, the one retail-focused REIT within the nation.
