Blackstone picks banks for US$1bil India REIT listing

Indian market: A signage is displayed outside Blackstone Group LP headquarters in New York, US. The Blackstone REIT, which comprises properties that count Microsoft Corp. and Rolls-Royce Holdings Plc as tenants, would also be a crucial test after much-hyped infrastructure trusts failed to gain traction in the Indian market.— Bloomberg

MUMBAI: Blackstone Group LP, the world’s largest alternative asset manager, has picked banks for India’s first real estate investment trust listing, people with knowledge of the matter said.

The US company and local partner Embassy Group selected firms including Bank of America Corp, Morgan Stanley, Kotak Mahindra Bank Ltd and JPMorgan Chase & Co, said the people. The REIT listing would raise about US$1bil, the people said, asking not to be identified because the information is private.