Embassy Office Parks REIT Falls To Nine-Month Low After A Large Trade
Embassy Office Parks REIT saw 77.1 million shares, equivalent to 8.1% equity, change hands in a large trade, Bloomberg data shows.
Shares of Embassy Office Parks REIT fell to the lowest in nine months after a large trade deal.
The Blackstone Group-backed real estate investment trust saw 77.1 million shares, equivalent to 8.1% equity, change hands in a large trade, according to Bloomberg data. Details of buyers and sellers were not known immediately.
Kotak Realty Fund has invested Rs 1,600 crore in Embassy REIT. The money was invested from the twelfth real estate fund that recently raised $590 million. The block deal happened on Tuesday, according to an executive aware of the details.
Blackstone was slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on Sept. 27, CNBC TV18 has reported citing people aware of the matter. The offer price of the block deal was at Rs 345 apiece.
Embassy Office Parks, India's first REIT to list in 2019, owns and operates more than 42 million square feet of office space in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
Shares of Embassy Office Parks fell nearly 2% to Rs 345 apiece—the lowest since January. The trading volume was 77 times the 30-day average. The stock has outperformed benchmarks so far this year, up 6.8% compared with a fall of 0.6% in BSE Sensex.
All the 16 analysts tracking the company reiterate a 'buy', according to Bloomberg data. The average of the 12-month target prices implies an upside of 19.1%.