Embassy Office Parks REIT (Real Estate Investment Trust) plans to raise around Rs 4,750 crore ($682 million) through an IPO (Initial Public Offering) in the coming week.

This joint venture between the Embassy Group, a Bangalore-based property developer and the private equity firm Blackstone Group LP has about 33 million square feet of commercial office space in seven different business parks and four citycentric buildings across Mumbai, Bangalore, Pune, and Noida.

It will become the first REIT to be listed in India. A REIT is an investment tool that owns and operates rent-yielding assets in the real estate sector.

According to a Bloomberg report, the REIT will offer 158.9 million units at Rs 299 to Rs 300 apiece and start taking offers from anchor investors on Friday. The offering will be made open to the public from 18 March to 20 March. It further said that a successful listing is expected by 3 April.

The IPO comes at a time when the real estate developers are cash-starved due to sluggish sales and a decline in property prices.