India’s first REIT debuts today with a little help from CAM, S&R, may raise $720m

Monday, 24 September 2018 By Legally India Capital Markets

India’s first real estate investment trust (REIT) has filed its preliminary prospectus today, four years after the regulation had been notified, with the Blackstone Group and Embassy Group cooperating on the issue, which could yield $720m, according to Bloomberg. REITs allow investors to take stakes in rental income from commercial property.

Cyril Amarchand Mangaldas Bangalore was Indian legal counsel to the Embassy Office Parks REIT and the Blackstone Group.

S&R Associates was Indian legal counsel to the lead managers.

International firm Clifford Chance acted as international legal counsel to the REIT.

Blackstone Group was advised by Simpson Thacher & Bartlett on non-Indian laws.

Latham & Watkins acted as international legal counsel to the lead managers.

Cyril Amarchand Mangaldas Mumbai acted for the seller unit holders.

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Comments

Herbie 24 Sept 2018, 13:28

+5 -3

With a little help from CAM and S and R !!! You means loads of help. They have been toiling on this for months.

Guest 24 Sept 2018, 15:24

+9 -6

I know CAM did a lot on this deal but SNR, not really.

Observer 25 Sept 2018, 14:16

+1 -3

It seems 9 people worked on this deal from CAM and 3 from S&R.

Insider 25 Sept 2018, 06:49

+13 -12

With a little/lot of help - totally irrelevant. We need to stop overvaluing the legal process behind these transactions. The true value in this transaction lies in the business decision that was made to undertake it (in which lawyers had no role) not the documentation or the due diligence exercise (which is the lawyers' only role). So stop attributing success/failure to law firms who were engaged to mindlessly execute months after the real work was done. It's not rocket science to do the same deal again and again. Negligible value add in the grand scheme of things and no real scope for differentiation.

Guest 25 Sept 2018, 08:57

+28 -1

Agreed. Lawyers are a waste - the next time, the Banks and Issuer should draft the documents between themselves.

Guest21212 25 Sept 2018, 22:28

+7 -2

Better yet they should just pinkie promise.

Why draft or use paper at all ?

Sad! 25 Sept 2018, 12:32

+6 -1

Insider - extending your logic, the real MVPs here are parents of the people who took the business decision to do the deal; if they hadn't decided to get down with it and literally make those decision makers, there would have been no deal.

Stop grumping. Are you only getting to proofread docs? Once you grow up professionally and get to work on a first of its kind deal, you will learn that everyone (lawyers, auditors, consultants) is required to contribute.

Insider 27 Sept 2018, 09:31

+2 -3

Hahaha, worked on enough "one-of-a-kind" deals to know there's nothing special about what lawyers do on any of them! You'll get there maybe. Just not as quickly as I did. Happy "copy-pasting from precedent and changing party names"!

2.1 27 Sept 2018, 10:54

+1 -1

Er, this was the first REIT in India. How do you define "one-of-a-kind", again?

Insider 28 Sept 2018, 00:53

+4 -0

An IPO is an IPO is an IPO is an InvIT is a REIT is a QIP is a bond offering, all things considered :)

Spicy Audiophile 25 Sept 2018, 11:09

+4 -1

Looks like no one has heard the song “With a little help from my friends”.
Nice one, Kian.

Another song lover 26 Sept 2018, 10:18

+0 -0

It was used as soundtrack in the titles for 'The Wonder Years'

Alias 26 Sept 2018, 03:48

+10 -0

This thread is a perfect example of how we as a bunch are so self-self-important.

Wait what? 26 Sept 2018, 14:52

GO BHAI

Guest 12 Mar 2019, 19:42

Hey Kian! You should do a complete story on this. I think they are going to list soon. https://www.livemint.com/market/ipo/embassy-office-parks-reit-plans-to-raise-rs4-750-crore-in-india-ipo-1552384992508.html

You should add details about the partners who were involved from CAM. I think it is Arjun. This is a massive deal.

CAPMARKS 18 Mar 2019, 17:02

Any update on this story Kian! The deal is finally complete. First listed REIT. First REIT IPO.

CAPMARKS 22 Mar 2019, 11:36

IS THERE AN UPDATE ON THIS. THE ISSUE WAS FULLY SUBSCRIBED. THIS IS A HISTORIC DEAL. FIRST REIT IPO. CAN WE GET THE NAMES OF THE TEAMS?

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