CCI clears deal involving Blackstone, Embassy Group
In a tweet on Thursday, the CCI said it “approves acquisition of real estate assets of Embassy Group and Blackstone Group by Embassy”.
New Delhi: The Competition Commission has approved the deal involving global investment company Blackstone and realty firm Embassy Group. The deal involves restructuring of Embassy Group, Blackstone Group and certain third parties into Embassy office parks REIT (Real Estate Investment Trusts). In a tweet on Thursday, the CCI said it “approves acquisition of real estate assets of Embassy Group and Blackstone Group by Embassy”.
Post deal, Embassy Office Parks REIT will undertake an initial public offer and list its units on recognised stock exchanges in India, the CCI said.
Sebi had notified REITs and InvITs Regulations in 2014, allowing setting up and listing of such trusts which are very popular in some advanced markets. Embassy group is one of the leading real estate developers in the country. It has developed over 45 million sq ft of prime residential and commercial projects. The company, in joint venture with Blackstone, has developed business parks covering about 34 million sq ft of office space.
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