Latham Advises on India’s First REIT IPO Co-sponsored by Blackstone and Embassy Group

Transaction represents the first listing by a real estate investment trust in India.

April 09, 2019

Latham & Watkins represented the lead managers in the US$682 million initial public offering of units by Embassy Office Parks REIT on the National Stock Exchange of India Limited and BSE Limited. Sponsored by Blackstone Group LP and Bangalore-based Embassy Property Developments, the transaction represents the first listing by a real estate investment trust in India.

The lead managers for the offering were led by Morgan Stanley India Company Private Limited, and also included Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, DSP Merrill Lynch Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Holdings Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited.

The Latham team was led by Singapore partner and India Practice Head Rajiv Gupta, with Singapore associates Jairo Lamatina and Su Yeun Yang and London associate Emma Pianta. Tax advice was provided by New York partners Jiyeon Lee-Lim and Gregory Hannibal, with New York associate Sam Yang. Los Angeles tax partner David Taub and associate Jack Stratton advised on ERISA matters. Advice was also provided by New York corporate partner Julian Kleindorfer and Singapore corporate partner Sharon Lau.

Rajiv Gupta commented “We are very proud to have advised on this pathfinder deal – the latest in a string of firsts for our India team. With more than 15 years supporting clients in the Indian real estate sector on their capital raising needs, we anticipate this landmark deal will be the first of many in the sector.”

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