Blackstone-Panchshil JV seals deal to buy Express Towers

After months of negotiations, an entity owned by Pune-based property developer Panchshil Realty and US-based private equity (PE) company Blackstone has bought a majority stake in Express Towers in Mumbai. The iconic building was owned by Viveck Goenka of The Indian Express group, PE company ICICI Venture and The Indian Express´s former editor-in-chief Shekhar Gupta, for around Rs 870 crore. While ICICI Venture has completely exited the building, Goenka and Gupta have retained minority stakes, according to reports. ICICI Venture held 50 per cent stake in the building, the rest was held by Goenka and Gupta. Contact: Panchshil Realty. Tel: +91 20 66473200 Fax: +91 20 66473201 Website: www.panchshil.com