Blackstone buys minority stake in Bangalore’s Synergy Property

Blackstone buys minority stake in Bangalore’s Synergy Property
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First Published: Mon, Apr 28 2008. 09 23 AM IST
Updated: Mon, Apr 28 2008. 09 23 AM IST
Reuters
Philadelphia: Blackstone Real Estate Partners, an affiliate of The Blackstone Group LP has confirmed that it would invest $18 million for a minority stake in a construction-management company in India.
Blackstone will get representation on the board of India’s Synergy Property Development Services Private Ltd, which has more than 500 employees across nine Indian offices, with international offices in Dubai and Kuala Lumpur.
Synergy, which is based in Bangalore, specializes in architectural design and complete project management. Some of its major projects have included Medicity in Gurgaon, India’s largest hospital cluster development; Select Citywalk, a retail development in Delhi; and the Park Hyatt hotel in Chennai.
Chad Pike, senior managing director and London-based co-head of Blackstone’s real estate group, said the investment was part of the private equity firm’s efforts to build its business in the region.
In the longer term, Blackstone said it expects there will be other real estate investment opportunities that follow from this partnership.
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First Published: Mon, Apr 28 2008. 09 23 AM IST