Singapore-based CapitaLand was frontrunner to buy the parks but exited the proposed deal
US-based private equity firm Blackstone is in final talks with PE fund Xander for sale of its infotech parks in Pune for around Rs 2,000 crore, Business Standard reports.
Blackstone’s BlueRidge special economic zone (SEZ) and another SEZ at Hinjewadi in Pune are up for sale. Both these projects are not part of its joint venture (JV) projects. In India, it has JVs with Bengaluru-based Embassy Group, Pune-based Panchshil Group, and Mumbai’s K Raheja Corporation.
Singapore-based CapitaLand was frontrunner to buy the parks but exited the proposed deal, the report said.
Blackstone has hired Morgan Stanley to sell the properties, the report added. Moneycontrol could not independently verify this news.
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Media reports suggest Blackstone is placing all its assets under a Real Estate Investment Trust (REIT), which is a JV between Blackstone and Embassy Group. The IT parks in Pune are unlikely to become part of the REIT, sources told the newspaper.
Singapore-based Xander owns 6 million sq ft of office assets in India. It also owns malls in India through a company called Virtuous Retail South Asia.
The proposed deal between Blackstone and Xander will not be the first major real estate pact in India this year. In March, Indiabulls Real Estate sold 50 percent stake in two commercial properties in Mumbai to Blackstone for Rs 4,750 crore. The two properties are Indiabulls Finance Centre and One Indiabulls Centre. It recently sold its office project in Chennai to Blackstone for Rs 850 crore.
A JV between Shapoorji Pallonji and Allianz Group is reportedly set to acquire the Waverock property owned by Singaporean fund GIC and Tishman Speyer in Hyderabad.