Blackstone Real Estate Partners to exit Synergy Property
The Blackstone Group’s Real Estate Partners unit is in the process of exiting its 35% stake in Bangalore-based project management consultancy Synergy Property Development Services in a deal valued at INR2.6 billion ($41.7 million)
Synergy Property Development Services chairman and managing director Sankey Prasad told The Economic Times that the firm is looking at various exit options. "The due diligence is over," he said.
Blackstone invested INR600 million in Synergy in 2008. It will either sell the stake to another PE fund or go for a public listing of the property consultancy firm. Synergy is valued at INR7.5 billion.
Synergy provides project management consultancy business across segments including business parks, hotels, multi-specialty hospitals, residential and data centers. It has diversified into design services and design and build solutions. The company has operations and offices across India, Middle East , the Far East and Africa and manages 135 million square feet in real estate.
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