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Blackstone, Brookfield Among Firms Eyeing Indian Malls, ET Says

Bloomberg logoBloomberg 8/8/2020 Rahul Satija
a person walking down a street: A worker wearing Personal Protective Equipment (PPE) sprays sanitizer inside the Ambience Mall in New Delhi, India, on Monday, June 8, 2020. Indian stocks pared gains driven by initial optimism as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown. © Bloomberg A worker wearing Personal Protective Equipment (PPE) sprays sanitizer inside the Ambience Mall in New Delhi, India, on Monday, June 8, 2020. Indian stocks pared gains driven by initial optimism as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown.

(Bloomberg) -- Blackstone Group Inc. and Brookfield Asset Management Inc. are among private equity firms looking to buy stakes in Indian malls hit by the coronavirus pandemic, the Economic Times reported citing people it didn’t identify.

The investors are in talks to buy stakes in about six Indian malls including DB Mall and Logix Mall, for launching retail REITs. Chennai’s Marina Mall owners are also planning to exit the mall and are in discussions with Blackstone, Abdul Wadood, a promoter of the mall, told the newspaper.

Workers wearing protective face shields and gloves stand at distance to each other as social distancing markers sit on the ground at the Ambience Mall in New Delhi, India, on Monday, June 8, 2020. Indian stocks pared gains driven by initial optimism as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown. © Bloomberg Workers wearing protective face shields and gloves stand at distance to each other as social distancing markers sit on the ground at the Ambience Mall in New Delhi, India, on Monday, June 8, 2020. Indian stocks pared gains driven by initial optimism as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown.

Revenue of mall operators is set to halve in the 12 months to March 2021, Crisil Ratings said in a Aug. 5 report.

Read about India’s second realty trust listing at premium on high demand

However, the success of two listed REITs is opening a new fundraising avenue for India’s cash-starved property sector. Blackstone-backed Mindspace Business Parks REIT gained as much as 12% in its trading debut in Mumbai on Friday amid strong investor demand for yield.

Blackstone and Brookfield declined to comment to the newspaper.

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©2020 Bloomberg L.P.


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