Blackstone Files for Nexus Mall REIT IPO at $3 Billion Value
Blackstone filed its preliminary draft prospectus with the market regulator for an IPO of its Indian shopping mall portfolio.
(Bloomberg) -- Blackstone Inc. filed its preliminary draft prospectus with the market regulator for an initial public offering of its Indian shopping mall portfolio.
Nexus Select Trust, a real estate investment trust, could raise as much as 16 billion rupees ($196 million) from the primary issuance of shares, and may also sell existing shares, according to a draft offering document.
The private equity firm’s retail portfolio in the country, which is held through its Nexus Malls unit, could be valued at about $3 billion, according to people familiar with the matter. The real estate investment trust may raise about $500 million in total and be listed as soon as the first quarter of 2023, they said, asking not to be identified as the information is private.
Details of the listing could change, the people said. Moneycontrol reported the IPO size, value and timing earlier. A representative for Blackstone declined to comment.
Nexus Malls operates 17 shopping centers across 14 Indian cities and has nearly 10 million square feet of retail space, the filing shows. The company acquired seven malls from Prestige Estates Projects Ltd. as part of a deal agreed in 2020.
Blackstone is the biggest commercial real estate owner in India. It’s a backer of Embassy Office Parks REIT, the first property trust to conduct an IPO in India. The vehicle raised 47.5 billion rupees in 2019.
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