Blackstone to invest $18 mn in Synergy Property

Mumbai: Blackstone Real Estate Partners, an affiliate of the Blackstone Group L.P., will invest about $18 million for a minority stake in Bangalore-based Synergy Property Development Services.

The Blackstone Group L.P. is a global alternative asset manager and provider of financial advisory services.

Synergy has delivered over 20 million sq. ft of real estate space and is managing over 100 million sq. ft, including office, retail, residential, hotels and hospitals. Its projects include Medicity in Gurgaon, HCC-ICICI Tech Park and Runwal Town Centre in Mumbai, Park Hyatt hotel in Chennai, and the Manyata Business Park and Embassy Golf Links in Bangalore.

Mr Chad Pike, Senior Managing Director and London-based co-head of Blackstone’s real estate group, said, “We are excited to be doing this innovative deal as we build our business in the region. In the longer term, we believe there will be attractive real estate investment opportunities that follow from this partnership.”