Clifford Chance and Cyril Amarchand Mangaldas have advised Embassy Office Parks REIT on its 47.5 billion rupee ($690 million) initial public offering, the first by a real estate investment trust in India, with S&R Associates and Latham & Watkins acting as legal counsel to the lead managers.

The Embassy Office Parks REIT is a joint venture between India’s Embassy Group and U.S.-based equity investor Blackstone Group. The company owns offices that house multinational tenants such as JP Morgan and Google, and will use proceeds of the IPO to reduce its debt and fund acquisition of assets, according to Reuters.

Apart from being India’s first REIT, this will be Asia’s largest in terms of office portfolio area - more than twice the size of others in the continent. Morgan Stanley India, Kotak Mahindra Capital, J.P. Morgan India and DSP Merrill Lynch are global coordinators and among the book running lead managers for the offering, Reuters added.

For Clifford Chance, partner Rahul Guptan led on the deal.

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