Blackstone plans to file for IPO as early as next month for its Indian mall portfolio, which could raise about $500 million, media reported.

The private equity firm has been interviewing advisers about the Mumbai-listed REIT, asking not to be named because the information is private. Blackstone’s Indian retail portfolio, held through its Nexus Malls unit, is worth about $2.5 billion. The REIT could go public as early as 2023, they said.

According to its website, Nexus Malls operates 17 malls in 13 cities in India with about 10 million square feet of retail space. The group bought its first mall in Gujarat in 2015. The company acquired seven shopping centres from Prestige Estates Projects Ltd. as part of a deal struck in 2020.

Blackstone Group is India’s largest owner of commercial real estate. It is a backer of Embassy Office Parks REIT, the first real estate trust to conduct an IPO in India. The car raised Rs 475 crore in 2019.