Blackstone plans 7% yield for IPO

India market: The ticker for Blackstone Group is displayed at the post where it is traded on the floor of the NYSE. Blackstone is pursuing India’s first REIT as the South Asian country’s cash-starved property firms continue to recover from sweeping policy changes. — Reuters

MUMBAI: Blackstone Group LP and its Indian partner set a tentative yield for their initial public offering of the country’s first real estate investment trust, which could raise about 52.5 billion rupees (US$720mil), people with knowledge of the matter said.

Blackstone and Embassy Group plan to approach investors with an annual yield of around 6.5% to 7%, according to the people, who asked not to be identified because the information is private.