America-centered private equity giant Blackstone is likely to buy Business Park in Bangalore. The deal is expected to be fixed at $367 million (Rs.19.5 billion approximately).
Blackstone, America-centered private equity giant is likely to buy Bangalore Business Park along with two Indian realty firms. The deal is expected to be set for a sum of $367 million. American private equity giant has entered in to talks and is likely to buy the Business Park. The deal is expected to get over within two or three months’ time.
Once the deal is fixed for Rs.19.5 billion, it will be the largest ever private equity investment in India after 2008. HDFC and Embassy Realty group are the other two Indian real estate firms which will have equal investments in the project.
Vrindavan Tech Village is set up in the Special Economic Zones (SEZ) of Bangalore, in the outskirts of Bangalore. The persons with direct knowledge of the move revealed that the deal is not finalized so far.
The Business Park which was built by Singapore-based realty firm Assetz Property Group spreads over 106 acres. In its 20 acres, around 1.9 million sq. ft. of office spaces is developed. Global and well-reputed companies such as Cisco, Nokia and Sony Corp have occupied offices in this project.
Embassy has plans to develop residential projects in around 30 acres and in the rest of the land the group plans to develop about 5 to 6 million sq. ft. of office spaces as well.
Blackstone is majorly a private equity firm and real estate is not the core business of the firm. In fact real estate makes only one-fourth of the total assets of the firm. Yet this was one of the most successful businesses of the group and a notable percentage of its total profit was from their real estate business.
As Assetz Property Group, Blackstone and Embassy Realty refused to comment on the development further details, including the accurate financial details, about the development are not available.
