Blackstone eyes first Indian real estate investment - reports
Blackstone is reportedly set to make its first real estate investment in India – an INR200 crore ($44 million) injection in a Bangalore-based firm’s project, according to the Business Standard - coming as the PE giant has been making advances in the property industry across Asia.
Details of the project were not released, though the investee, Embassy Property Development, is also said to be in talks with investors including Temasek and HDFC Property Ventures ahead of a potential IPO that may earn the company roughly $530 million, local reports add. Blackstone and Embassy Property could not confirm the investment news.
In July, Blackstone announced that it would take over Bank of America Merrill Lynch's $2.65 billion Asian Real Estate Opportunities Fund, as well as the full GP responsibilities of the fund. At the time, Blackstone was also said to be in talks with Morgan Stanley to take over its real estate assets in Japan.
Blackstone launched its Indian operations in 2005. Last year, the firm announced its intention to pump $1 billion into the country's energy sector, announced off the back of its $300 million investment in power developer Moser Baer Projects.
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