Blackstone group to invest Rs. 450 cr in commercial real estate in Hyderabad

Blackstone group to invest Rs. 450 cr in commercial real estate

In a pure equity transaction, the world’s biggest private equity player in real estate, Blackstone Group, is at an advanced level of talks with Salarpuria Sattva Group to pump in nearly Rs 450 crore in its 30-acre commercial property coming up in Knowledge City, Hyderabad.

After being one of the most active buyers of commercial properties across the country last year, this will be the first real estate investment by the New York-based company in 2016. “Although the fund has by and large picked up ready and income-generating office real estate projects, this will be one of the few under-construction properties that Blackstone is investing in,” said sources familiar with the development.

The Knowledge City project in Hyderabad is a land parcel of about 200 acres that was sold to nearly 13 companies for Rs 2,000 crore by the Andhra Pradesh government in 2008. Salarpuria Sattva purchased 30 acres in the project for an estimated Rs 400 crore. The Salarpuria project is expected to have a total saleable commercial space of 6.5 million square feet to be developed in phases over the next five years.