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.

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