Blackstone Acquiring Massive Office Space in Mumbai
Private equity giant Blackstone is acquiring a 1-million sq ft office space at Vikhroli, Mumbai from real estate fund house Milestone Capital at a cost of Rs 1050 crore.
The property, 247 park, is owned jointly by Milestone Capital and HCC Real Estate in a 74%-26% arrangement. It’s valued at Rs 1000 crore and requires a working capital of R
s 50 crore.
It’s only been a week since Blackstone finalized the acquisition of the Express Towers in South Mumbai for Rs 900 crore. This acquisition was carried out through a joint venture with Pune-based Panchshil Realty, which sources say is likely to pick up the asset jointly with Blackstone.
Since 2010, when Milestone Capital picked up a majority share in the property, 247 Park has recorded an annual capital appreciation of 10%. The average rental appreciation has been recorded as 12%, while yearly rental revenue is estimated at Rs 100 crore.
Piramal, Future Group, DHL, and Siemens are among the property’s clients.
Source: The Times of India
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