Blackstone to invest Rs 450-500cr in Panchshil Realty

Private equity giant, Blackstone is set to make another major transaction. This time in an IT special economic zone in Pune that belongs to Panchshil Developers. CNBC-TV18 has learnt that the transaction is expected in the range of Rs 450-500 crore, taking Blackstone's exposure to the Indian commercial realty sector to over USD 550 million. CNBC-TV18's Priyanka Ghosh reports.

Blackstone is picking up 49 percent stake in Eon Business Park, which is owned by Panchshil Developers in Pune. This investment is going to value the project at more than Rs 1,000 crore. It is a 4 million square feet development. It is not fully occupied but it does have some marquee IT and ITES tenants such as MphasiS, Vodafone and Tata Telecommunications.

Also Read: Blackstone, 2 others to buy biz park for $367m: Sources

This is the third large investment that Blackstone is making. So far as commercial real estate is concerned, in the last couple of years their first transaction was when they bought another IT project from Hubtown and DLF for Rs 810 crore. Then they bought Embassy developers last year, just about six months back and that was a large transaction worth Rs 1400 crore.

As far as commercial offices are concerned, with this transaction, Blackstone's total investment in India has ticked up to USD 550 million. With regards to investment strategy, they seem to be focusing on income generating assets that are partially occupied. Their strategy seems to be low risk and low return.

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