Blackstone Tests the Real Estate Waters of Chennai
Ozone Group is coming up with a project for mixed-use called Metrozone, which is located at Anna Nagar in Chennai. The Blackstone Group LP is said to have made an investment of Rs 175 crore in the residential component of this project. This news didn’t come as a surprise after Ozone Group made several investments in many other commercial assets which are rent-yielding, earlier this year.
The residential houses under the Metrozone project are being handed over to the residents for possession. More than 400 apartments have already been completed, whereas around 1200 apartments will be completed in the next two years in different phases.
Blackstone has been mostly investing in rental assets. Ambar Maheshwari, the M D at Jones Lang LaSalle India, says that Blackstone is a patient investor, and that if they have selectively chosen to invest in residential projects, it’s a good way to test the real estate market and engage in more deals if all is okay.
Earlier this year in April, Blackstone invested Rs 550 crore in Vrindavan Tech Village in Bangalore. They also bought Express Towers in Nariman Point along with Panchshil Realty in Mumbai.
Source: Mint
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