By laksh5382 
The world’s largest alternative asset manager Blackstone Inc. and real estate developer Saatva Group are close to filing initial draft papers for the listing of an office real estate investment trust (REIT), comprising about 50 million sq ft of commercial property, thereby Approximately $750 will be raised. 800 million, sources said.
Blackstone’s assets under its office platform Nucleus Office Parks, jointly developed with Sattva Group, will form the portfolio for the REIT. Sources indicated that the filing of a draft prospectus is imminent, and it aims for a listing early next financial year.
Blackstone declined to comment, while Saatva Group did not respond to a request for comment.
Currently under Nucleus Office Park, Blackstone has a portfolio of 20 million sq ft, while with Sattva it has a combined portfolio of 32 MSF, of which 18 MSF has been completed.
Under Nucleus Park, it has 14 properties across five cities – Mumbai, Gurugram, Chennai, Bengaluru and Ahmedabad. Five properties namely One BKC, One International Centre, Prima Bay are located in Mumbai, while in Bengaluru it has properties such as One Trade Tower and Cessna Business Park.
Joint projects between Blackstone and Satva include Knowledge City and Knowledge Park in Hyderabad and Satva Global City in Bengaluru. Sattva Global (formerly Village Tech Park) is a green tech park and was acquired from Coffee Day Enterprises. It is majority owned by Blackstone.
The proposed Blackstone-Satva REIT is one of the most awaited, as it is expected to be the largest in terms of funds raised and also has the largest portfolio. Embassy Office Park REIT, listed in 2019, has a portfolio of around 45 MSF, followed by Mindspace Business Park REIT, which has a portfolio of over 33 MSF.
Blackstone has been responsible for the introduction and growth of REITs in India, being a co-sponsor in Embassy and Mindspace REITs, while it was the main sponsor of Nexus Select Trust, in which it held a 22.3 per cent stake at the end of September.