Blackstone, Panchshil Realty to buy Mumbai office tower
The Blackstone Group and Xander Group-backed Indian developer Panchshil Realty are set to buy a majority stake in an office tower in Mumbai for close to INR9 billion ($144 million).
According to The Economic Times, the two will acquire Express Towers in Nariman Point from current owners ICICI Venture (49% stake) and the Indian Express Group. ICICI invested in the property from its INR24.7 billion ($550 million) India Advantage Fund Real Estate Series 1 fund in 2008.
The office tower in South Mumbai central business district is home to Blackstone, Temasek Holdings, Warburg Pincus and General Atlantic.
Blackstone has invested more than $500 million in leased property assets in India, including a 50% stake in a portfolio of three business parks for $200 million from Bangalore builder Embassy Property Developments, as well as the Vrindavan Tech Village special economic zone on the outskirts of Bangalore.
According to Reuters it is also in advanced talks to buy a business park in Mumbai for about INR10 billion and a special economic zone in Gurgaon for around INR24 billion.
GIC Private is also betting on value in the depressed commercial real estate market, with an investment in the S$600 million ($482 million) Ascendas India Growth Programme.
Last month the Securities and Exchange Board of India (SEBI) issued draft guidelines to set up real estate investment trusts (REITs) in the country, which could help provide liquidity to existing investors in commercial real estate and attract more foreign capital.
More on Real estate
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.