US-based private equity firm Blackstone, along with two Indian real estate firms, plans to buy Business Park in Bangalore at a price of $367 million (Approximately Rs.19.5 billion).

Blackstone aims to own Business Park in Bangalore.

US-based Blackstone plans to buy Bangalore Business Park for a sum of $367 million. The private equity major is in talks and is expected to buy the Business Park in Bangalore. The deal is said to be over within two or three months.

The Rs.19.5 billion deal is expected to be the largest ever private equity investment in India since 2008. Blackstone, along with HDFC and Embassy Realty group, will equally invest in the Business Park in Bangalore. The Business Park is located in the outskirts of Bangalore.

Vrindavan Tech Village falls in the Special Economic Zones (SEZ) of Bangalore. The sources with direct knowledge of the investment told that the deal is not yet finalized.

The Business Park, built by Assetz Property Group, a Singapore-based realty firm, spreads over 106 acres. Nearly 1.9 million square feet of offices are developed in its 20 acres. Cisco, Nokia and Sony Corp have occupied office spaces in this building.

Blackstone to buy Business Park In Bangalore

Embassy plans to develop housing projects in around 30 acres. The group also has plans to develop around 5 to 6 million sq. ft. of office spaces as well in the rest of the land.

Though majorly Blackstone is a private equity firm, the figures prove that real estate; which hardly make one fourth of its total assets, was the most successful business of the group. A good percentage of its total profit was contributed by the real estate assets.

Blackstone’s total global assets valued as $210 billion. Over the past couple of years, the firm has invested around $600 million in commercial properties in India. Currently Blackstone has the largest private equity investment in India.

However Assetz Property Group, Blackstone and Embassy Realty refused to comment on the development. HDFC too did not reply to the queries of media persons.