America-originated and globally spread private equity major Blackstone has plans to invest $367 million in Bangalore Business Park, as part of its plan to buy it.
Blackstone will invest $367 million (approximately Rs.19.5 billion) in Bangalore Business Park. The investment will make the American PE firm to own the Business Park in Bangalore.
The private equity major has entered into talks with the promoters of Bangalore Business Park. The deal is expected to get over by two to three months’ time.
However the $367 million investment is likely to be the biggest private equity investment in India recently. Along with Blackstone, two Indian firms also will equally invest in the project which is located in the outskirts of Bangalore.
HDFC and Embassy Realty group are the other two firms which will invest in Bangalore Business Park. Singapore-based realty firm developed the project that spreads across 106 acres of land.
In its 20 acres, around 1.9 million sq. ft. of offices are developed. Cisco, Nokia and Sony Corp have occupied their spaces in the project.
Around 30 acres will be set apart for residential purposes where Embassy group will construct housing projects. Embassy group also plans to construct around 5 to 6 million sq. ft. of office spaces in the remaining part of the land.
However Blackstone is widely known for its private equity deals, and not for real estate investments. Real estate assets; though make only one-fourth of the total assets of the firm, had brought a majority of profit in the last year. It was the most profitable business of the group now.
Vrindavan Tech Village is located in the Special Economic Zones of Bangalore and so it has a wide connectivity to the city. As the deal is not yet finalized Assetz Property Group, Blackstone, Embassy Realty and HDFC did not comment on the issue. None of them answered to the questions of media persons.
Des: America-originated and globally spread private equity major Blackstone has plans to invest $367 million as its plan to buy Bangalore Business Park.
Tags: private equity investment, Blackstone, Bangalore Business Park, Business Park in Bangalore, Embassy Group, Vrindavan Tech Village, Assetz Property, Bangalore real estate market, Bangalore Real Estate
