1 April 2019
Clifford Chance advises Blackstone and Embassy on India's first ever REIT
Leading international law firm Clifford Chance has advised Blackstone and Bangalore-based developer Embassy Property Developments PVT Limited on India’s first real estate investment trust, Embassy Office Parks REIT, for an initial public offering of US$690 million (47.5 billion rupees). The IPO was 2.57 times oversubscribed.
Apart from being India’s first REIT, it will be Asia’s largest in terms of office portfolio area, more than twice the size of others in the continent. It comprises a portfolio of seven office parks and four office buildings, totaling 32.7 million square feet of leasable area, with a 95 percent occupancy, as of December 31, 2018.
"This is yet another first of its kind deal in the Indian market advised on by our team and highlights how our global REIT practice is at the forefront of developing creative REIT structures," said partner Rahul Guptan who led on the deal. “We have been working on this transaction starting with the introduction of the REIT regulations in India over two years ago and are very proud to have completed this landmark deal. We believe this will act as a platform for future transactions and open up a new platform for developers and investors in India.”
Rahul was supported by senior associate Shashwat Tewary and associate Hui Ting Phua. New York counsel Paul Koppel also assisted.
The team also acted on India's first IPO of an infrastructure investment trust for IRB InvIT Fund in 2017.