Blackstone Inc. (NYSE:BX) is likely to sell 21.8% stake of Nexus Select Trust (NSEI:NXST) on 9 August 2024 through block deals in the open market at INR 135 per unit, which would fetch the sponsor $530.6 million. The sale price of 330 million units will be at a discount of 6.3% to 8 August 2024?s close of INR 144.15 for the sponsor of the real estate investment trust (REIT). Post the sale, Blackstone?s stake in the REIT will fall to 21.3% from 43.1% as at June end.

IIFL Securities and JM Financial Institutional Securities are the brokers to the deal. Blackstone will have a statutory lock-up of 15% stake in the REIT until May 2026. It has also agreed for a voluntary lock-up for a balance stake of 6.3% for nine months.

In May 2023, India?s maiden retail assets-led REIT, NexusSelect Trust, raised over INR 32,000 million through its initial public offer.