Global private equity firm Blackstone Inc. (NYSE:BX) plans to sell its entire stake in Embassy Office Parks REIT (NSEI:EMBASSY) through a mega block deal on December 20, 2023, according to news reports. Blackstone intends to sell its entire 23.6% stake in a deal worth around $830 million, the reports said. The floor price for the sale has been set at INR 310 a share, and Kotak Mahindra Capital and IIFL Capital are the advisors to the mega deal.

The floor price is at a discount of nearly 8% to the current market price. The units of Embassy Parks REIT ended 3.4% higher on the BSE at INR 335.54. If the deal goes through on December 20, 2023, it will be the fourth time that the global PE firm will be trimming its exposure to the REIT through block deals.

In June 2020, it had raised over $300 million by selling an 8.7% stake in the listed entity. Then in December 2020, Blackstone and Embassy sold Embassy TechVillage, an integrated office park in Bengaluru, to Embassy Office Parks REIT. Apart from this, a fundraising exercise by the REIT through a QIP had lowered Blackstone's holding in the REIT to 38% from over 46%.

In September last year, Blackstone sold a partial stake in the listed entity through the open market.