Blackstone Real Estate Partners has exited its investment in Bengaluru-based real estate project management consultancy Synergy Property Development Services. The company, which was also on the board of Synergy, had invested Rs 56 crore in the company for a minority stake in 2008. This was the PE firm's first real estate investment in the country. Synergy Property Development Services is valued at Rs 520 crore. The world's largest real estate PE firm has been acquiring rental yield properties across major cities like Mumbai, Bengaluru, Delhi and Pune. It had also entered into a JV with Panchshil Developers in Pune and Embassy Group in Bengaluru to buy commercial assets.
Contact: Blackstone Advisors India.
Tel: 022-6752 8500.