Blackstone discussing stake sale in commercial assets with GIC

10 Aug 2023 CW Team

Blackstone has entered into discussions with Singapore's sovereign wealth fund GIC with the intention of selling a 50 percent stake in several of its commercial assets. These assets are currently held in partnership with the Panchshil Group in Pune and the Salarpuria Sattva Group in Hyderabad.

The combined leasable area of these projects is 26 million sq ft (msf), and they hold a confirmed value of $ 4 billion. The potential worth of the deal is estimated to be around $ 1.5-2 billion. However, it's important to note that the deal is still in the negotiation phase, and its realisation will depend on the assessment of valuations and final pricing. Approximately five msf of the total space is currently under construction.

At present, the company's intention is to divest its ownership stake in select projects while maintaining its involvement in the joint ventures (JVs). The company does not have any immediate plans to withdraw from these partnerships.

Back in 2014, Blackstone initiated a joint venture (JV) with the Panchshil Group. As part of this arrangement, Panchshil's projects included Eon Free Zone, Tech Park One, ICC Tech Park, as well as JW Marriott's 415-key hotel and Pavilion Mall.

Similarly, in 2017, the company entered into a joint venture with the Salarpuria Group. Within this collaboration, Blackstone's projects in Hyderabad with the Group encompass Knowledge City, Knowledge Capital, and Knowledge Park.

Also read:
Eastern Freight corridor set to commence by year-end
Pune Metro phase 2 proposal gets PMC approval

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..