Blackstone exits JV with Embassy Property
Global investor Blackstone is all set for a probably maiden profit from the Indian real estate market, riding on luxurious apartment sale in Bangalore.
Blackstone is to exit the joint venture with southern developer, Embassy Property Developments, building 467 residential units, collecting more than Rs 210 crore, said some sources.
According to sources, in just 18 months the firm represents about 28% absolute profit and an annualized return on investment topping 40%. Embassy Lakeside Terraces is the name of the project which Blackstone is funding and the apartments are priced between Rs 3 crore and 10 crore. The project is located at Hebbal which is 30 minutes drive from the Bangalore International Airport and the city centre.
In last two years, Blackstone aggressively invested about $1 billion in the real estate market, including buyouts of technology parks which gave the American investor a portfolio of 9 million sq ft of residential space and 16 million sq ft of tenanted commercial space in India.
Embassy lake terraces is a luxury residential project and the price of the apartments is more than $ 1 million, in Bangalore.
Enbassy CMD proposed to buy back Blackstone’s non-convertible debentures (NCDs), triggering a profitable exit for the world’s leading private equity investor. The deal could happen in the next two weeks, whilst Embassy sold 300 luxury homes in six months after the bookings began.
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