Asset management company, Blackstone Group has recently bought an edifice of LT Realty, a subsidiary of LT, people familiar with the matter told the daily news, VC Circle.
According to media reports, the investment company has acquired approximately 400,000 sq. foot area in LT business park for nearly INR 700 crore.
This is the second transaction between Blackstone and LT Realty. Earlier in 2016, Blackstone Group has acquired Seawoods Grand Central Mall for INR 1,350 crore from LT Realty.
Lately, the US investor closed a transaction to acquire a marquee commercial asset in West India, Mumbai for INR 2,500 crore as it is planning to expand its portfolio.
Commercial real estate is one of the high performing sectors in India in the last couple of years. Numerous deals have been made between real estate developers and investment companies in the nation. In 2018, the Indian business ecosystem had seen registering of Real Estate Investment Trust (REIT) with Embassy Office Parks.
Till now, US-based investment company, Blackstone has invested $5.4 billion in commercial real estate in India. It has a total of 33 transactions in the nation.
In March 2018, the investor decided to buy 50 per cent shares in two sister companies of Indiabulls Real Estate Ltd. The transaction is considered one of the largest PE deals in the real estate segment.