Blackstone to put Pune IT Parks sale on hold, may add to REIT
The Blackstone Group Lp, the US-based global PE giant, plans to put on hold its plan to sell its IT Parks in Pune, and may consider to pull these assets into the upcoming REIT (Real Estate Investment Trust), lunching along with Embassy Office Parks. However, Blackstone is not yet concluded its discussions with global PE firm, The Xander Group, which has emerged as the frontrunner to acquire these assets following their bid, said multiple persons familiar with the development.
Blackstone had put its BlueRidge special economic zone (SEZ) and IT SEZ in Hinjewadi area of Pune up for sale. Investment bank Morgan Stanley is the exclusive advisor to Blackstone.
In 2014, Blackstone had acquired the 1.5-million-sq. ft of BlueRidge special economic zone (SEZ) from private equity fund manager IDFC Alternatives, while the other SEZ — jointly developed by DLF and Hubtown (erstwhile Ackruti City) — was sold to Blackstone in 2011.
Xander was in the final stages of negotiations to acquire the IT Parks in a deal worth Rs 2000 crore. Besides Xander, which had joined the race, Singapore-based real estate major CapitaLand Ltd, Shapoorji Pallonji-Allianz and Singapore-based investor-developer Ascendas-Singbridge are also in the fray.