Blackstone Inc will sell a stake of $400 million in Embassy Office Parks REIT, India’s major real estate investment trust, through Indian Stock Exchange block deals, media reported. Abu Dhabi’s Sovereign wealth fund, being the world’s largest, will pick up at least half of the stake that Blackstone is to sell.

Embassy Office Parks, India’s first and foremost REIT to list in 2019, owns and operates a 42 million plus square feet portfolio of office parks and buildings in cities like Bengaluru and Mumbai, being the largest office REIT in Asia by area. In the block deals planned on the Indian exchanges early next week, Blackstone’s sale would be worth $300-400 million, the sources said.

On Friday, the shares in the Embassy REIT closed at Rs 354.42, giving a market capitalisation of $4.15 billion. Currently, Blackstone has a 32% stake in the Embassy REIT, and at the present market value, the proposed sale by Blackstone would signify 7.2% to 9.6% of its stake, as per Reuter’s calculations.

Blackstone has invested $11 billion-plus in Indian companies and assets over the years but has trimmed its interests over time in Indian REITs. Earlier this year, it sold its aggregate stake in India’s Mindspace Business Parks REIT for $235 million. The block deals pricing is likely to be finalised by early next week, beforehand the block trade is executed.

ADIA is probable to grab about $200 million of Blackstone’s stake sale in conversation it is also ongoing with other possible investors, the first source said. Two sources also explain that ADIA plans to purchase the stake in the Embassy REIT through a $590 million fund set up in June along with Kotak Investment Advisors in Commercial Real Estate.

In June, ADIA described to the fund that it would focus on “Opportunities connected with long-term demand for Indian Office Space, which is being driven by Global Organisations pursuing to capitalise on the Country’s Skilled Workforce.”