New York City-based Blackstone is investing $200 million (Rs 1,000 crore)
for a 50 percent stake in three Indian business parks totaling 10
million square feet. The deal is being called the largest of its kind to
date in India.
The properties are Embassy Golf Link and Manyata Embassy Business Park in Bangalore and Embassy Tech Zone in Pune.
Embassy Property Developments is currently 51%-owned by Embassy, which will now purchase the remaining 49% of share capital from Mauritius-based financial investor Alta Vista. That transaction will make Alta Vista a subsidiary of Embassy Property Developments, according to the Asian Venture Capital Journal.
A Blackstone spokesman in New York said the private equity firm does not comment on pending or completed transactions.
The Economic Times of Mumbai reports the Blackstone deal beats Citigroup's acquisition of a Mumbai office building earlier this year for Rs 985 crore. That transaction eclipsed Maple Tree's Rs 800-crore buyout of two million square feet from Assetz Global Technology Park and Baring PE Partners' Rs 500-crore investment in RMZ Corp for six million square feet.
Embassy Golf Link is a five-million-square-foot, 65-acre, business park. Manyata Embassy Business Park is a 100-acre integrated mixed-use development business park with a developable area of 18.29 million square feet.
Embassy TechZone in Pune is spread over 70 acres with 52 acres designated for a special economic zone.
Big-name tenants at Embassy properties in Bangalore and Pune include IBM, Capgemini, Mercedes Benz, Atos Origin and Accenture. Blackstone and Embassy will jointly control and manage the entity in which the fund has invested. Embassy will be responsible for completing the project,
The Economic Times reports Embassy has developed nearly 25 million square feet mainly in business parks valued at an estimated Rs 10,000 crore ($2 billion US).
The company is also increasing its presence in the residential segment and has eight residential projects totaling 10.56 million square feet under construction. It has a total debt of Rs 1,200 crore, of which 85% is linked to rentals. The company has a total land bank of 1,300 acres in Bangalore.
The properties are Embassy Golf Link and Manyata Embassy Business Park in Bangalore and Embassy Tech Zone in Pune.
Embassy Property Developments is currently 51%-owned by Embassy, which will now purchase the remaining 49% of share capital from Mauritius-based financial investor Alta Vista. That transaction will make Alta Vista a subsidiary of Embassy Property Developments, according to the Asian Venture Capital Journal.
A Blackstone spokesman in New York said the private equity firm does not comment on pending or completed transactions.
The Economic Times of Mumbai reports the Blackstone deal beats Citigroup's acquisition of a Mumbai office building earlier this year for Rs 985 crore. That transaction eclipsed Maple Tree's Rs 800-crore buyout of two million square feet from Assetz Global Technology Park and Baring PE Partners' Rs 500-crore investment in RMZ Corp for six million square feet.
Embassy Golf Link is a five-million-square-foot, 65-acre, business park. Manyata Embassy Business Park is a 100-acre integrated mixed-use development business park with a developable area of 18.29 million square feet.
Embassy TechZone in Pune is spread over 70 acres with 52 acres designated for a special economic zone.
Big-name tenants at Embassy properties in Bangalore and Pune include IBM, Capgemini, Mercedes Benz, Atos Origin and Accenture. Blackstone and Embassy will jointly control and manage the entity in which the fund has invested. Embassy will be responsible for completing the project,
The Economic Times reports Embassy has developed nearly 25 million square feet mainly in business parks valued at an estimated Rs 10,000 crore ($2 billion US).
The company is also increasing its presence in the residential segment and has eight residential projects totaling 10.56 million square feet under construction. It has a total debt of Rs 1,200 crore, of which 85% is linked to rentals. The company has a total land bank of 1,300 acres in Bangalore.
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