Blackstone is in talks with Singapore’s sovereign wealth fund GIC to sell a 50 percent stake in some of its commercial assets it holds with the Panchshil Group in Pune and the Salarpuria Sattva Group in Hyderabad.
The projects with a leasable area of 26 million square feet (msf) with a firm value of $4 billion, and the deal could potentially be worth approximately $1.5 to $2 billion. The deal is still in the works and will be contingent on valuations and final pricing.
Out of the total space, around five msf is under construction. As of now, the company will only sell its stake in some of the projects, and has no plans to leave the JVs.
In 2014, Blackstone formed a joint venture (JV) with Panchshil, and as part of the deal, Panchshil’ s projects involved Eon Free Zone, Tech Park One, and ICC Tech Park, including JW Marriott’s 415-key hotel and Pavilion Mall.
Likewise, the company signed a JV with Salarpuria Group in 2017, and the projects in Hyderabad which Blackstone has with the Group are Knowledge City, Knowledge Capital, and Knowledge Park.
