Blackstone Group has filed a formal bid to buy a minority stake in the commercial unit of K Raheja Corp, one of India’s top three owners of tenanted offices, vying with Singapore’s Temasek Holding and rival private equity investor Warburg Pincus, people directly familiar with the matter said. The three bidders are in the final lap, though Temasek is said to be the front-runner as of now, sources added.
Blackstone’s bid is interesting as it has already emerged as the largest landlord of Indian commercial real estate, and is also in advanced talks to buy 40% stake in DLF’s commercial unit. The billionaire Chandru Raheja-led company plans to raise $250 million by divesting around 15% stake in the rent-yielding office space assets that operate under the brand Mindspace. It owns over 20 million sq ft of leased space primarily in Mumbai, Pune and Hyderabad.
Read more: TOI
