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Alternative investments giant Blackstone has filed the Draft Red Herring Prospectus (DRHP) for its Indian mall's portfolio: Nexus Malls.
For the uninitiated, Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions, and individuals. Its mission is to create long-term value for its investors through investment in alternative asset classes like private equity, real estate, credit, hedge funds, etc.
Nexus Malls is the Indian retail portfolio arm of Blackstone which was initiated in 2016. Currently, Nexus Malls has a portfolio of 17 malls across 13 cities in India, controlling around 10 million square feet of Grade A retail space, making it the largest shopping mall platform in the country.
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In September this year, we at Jobaaj reported about Blackstone's intention to publicly list Nexus malls. It was also reported that the firm had onboarded six major investment banks for the issue with room for more.
This IPO is the first ever pure-play retail mall REIT listing which is estimated to hit in the first half of the calendar year 2022. According to sources, Blackstone intends to raise at least $500 million from the issue which will have a roughly $196 million fresh issue.
According to the DRHP, the $3 billion REIT will use the proceeds of the fresh issue to repay its debts, redeem debts in SPVs, make acquisitions, and other general purposes.
BofA Securities, Axis Capital, Citigroup, HSBC Securities, JM Financial, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley are the book-running lead managers for the IPO.
Shares of the Blackstone Group (NYSE: BX) closed at $90.51 per share, down 3.75% yesterday.
Article by Aman Agarwal.
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