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Blackstone, Brookfield among firms eyeing Indian malls: report

[MUMBAI] Blackstone Group and Brookfield Asset Management 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.

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

However, the success of two listed Rets is opening a new fundraising avenue for India's cash-starved property sector. Blackstone-backed Mindspace Business Parks Reit gained as much as 12 per cent 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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