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Blackstone – Panchshil Realty Joint Venture in talks for REIT IPO

Blackstone, the largest owner of commercial real estate in India and Pune-based luxury property developer Panchshil Realty are evaluating a potential monetization of their joint venture assets via the real estate investment trust (REIT) route.

A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate.

REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and commercial forests.

If this plan materializes, it will be the third REIT IPO in India backed by Blackstone after Embassy Office Parks and Mindspace.

Panchshil Realty is one of the largest real estate developers in Pune with good assets in strategic locations.

In all probability, most of the joint venture assets in Pune may be monetized but to ensure geographical diversification for investors, a few from Mumbai may also be added. This latest REIT offering is likely to be launched in 2021.

Established in 2002, Panchshil Realty has delivered over 23 million sq. ft. of real estate, with 20 million sq. ft. under development across multi-asset classes.

Its portfolio includes commercial, residential, hospitality , retail and f&b assets in Pune, Mumbai and South Delhi and its clients include the likes of Barclays, Citi, Dell, Deloitte, IBM, TCS, Hyundai, Bajaj Group and others.

According to reports, Panchshil Realty and Blackstone jointly own prime office assets like Eon Free Zone(India’s first notified SEZ in Pune’s Kharadi area ), First International Finance Centre, BKC, Mumbai and the iconic Indian Express Towers in South Mumbai.

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