Blackstone to get part-ownership in Embassy’s office space
Blackstone Group, US-based private equity major, is set to acquire 36% ownership in the tenanted office space group of Embassy Property Developments, for about $230 million (Rs 1,300 crore).
The deal is expected to be Blackstone’s biggest real estate deal in India, giving it part ownership of more than 12 million sq. ft. The Blackstone investment will cover only tenanted office buildings and not those under development.
Prominent technology names that drive the outsourcing economy such as IBM, Accenture, Capgemini, Atos Origin, Cognizant, Fidelity, Mercedes Benz, etc. are included in the tenant list of Emabssy Group, which is one of the top business park builders in India.
Blackstone will acquire a significant marginal interest. Blackstone has signed a term-sheet with the Bangalore-based developer and is conducting due diligence.
To read more real estate news:
Bangalore witnesses 46% fall in office space absorption
5% rise in Hyderabad office space leasing
Source: The Times of India
Accenture, Atos Origin, Bangalore-based developer, Blackstone Group, business park, Capgemini, Cognizant, Emabssy Group, Embassy Property Developments, Fidelity, IBM, Investment, Mercedes Benz, office buildings, Ownership, Private Equity, real estate deal in India, US
