New York-based Blackstone Group is in advanced discussions with Salarpuria Sattva Group to invest about Rs 450 crore in its upcoming, 30-acre commercial property in Hyderabad, three individuals aware about the development said. One of them mentioned that this would be a pure equity deal and is expected to be settled in the next few weeks. The fund is picking up this stake on its own and not through any of its JVs.
This will be the first investment in real estate by Blackstone in 2016. It had been one of the most active buyers of CRE across India last year.
The Salarpuria project will be developed in phases over the next five years and is estimated to have total saleable office space of 6.5 million sft. In 2015, Novartis, Swiss pharmaceutical company, picked up 1.15 million sft. of space in this project.
Amongst Blackstone’s major transactions in 2015, one was its buyout of Gurgaon-based builder Alpha G: Corp for Rs 1,600 crore. Blackstone also acquired 247 Park at an enterprise value of Rs 1,050.
Read more: Economic Times
