(Bloomberg) -- Blackstone Inc. is planning to file as soon as next month for an initial public offering of its Indian shopping mall portfolio that could raise about $500 million, people familiar with the matter said.

The private equity firm has been interviewing advisers for the Mumbai listing of a real estate investment trust, according to the people, who asked not to be identified because the information is private. Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at about $2.5 billion, the people said. The REIT could be listed as soon as 2023, they said.

Preparations are at an early stage, and details of the listing could change, the people said. A representative for Blackstone declined to comment. 

Nexus Malls operates 17 shopping centers across 13 Indian cities and has about 10 million square feet of retail space, its website shows. The group bought its first mall in Gujarat in 2015. The company acquired seven malls from Prestige Estates Projects Ltd. as part of a deal agreed in 2020. 

Blackstone is the biggest commercial real estate owner in India. It’s a backer of Embassy Office Parks REIT, the first property trust to conduct an IPO in India. The vehicle raised 47.5 billion rupees in 2019.

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