Bangalore: Embassy Property Developments Ltd and Blackstone Group Lp., through their newly formed joint venture, will buy out a leased office asset in Bangalore for about 680 crore, a top executive said.

Global private equity (PE) firm Blackstone recently invested around 1,015 crore for a 50% stake in the special purpose vehicle (SPV), Pune Dynasty Projects Pvt. Ltd, formed with the Bangalore-based developer.

The SPV comprises three large commercial office and information technology (IT) park projects—Embassy Golf Link, Embassy Tech Zone and Manyata Business Park—being developed by Embassy in Bangalore and Pune.

“The SPV will buy out lease rental generating assets from other developers too in cities in south India. We are looking to invest not less than 450-500 crore to buy out each asset," said Jitendra Virwani, chairman and managing director, Embassy Property.

Virwani didn’t disclose more details on the asset the joint venture is buying.

Blackstone didn’t immediately respond to an email query sent on Thursday afternoon.

Embassy, known for developing large IT parks, is also developing luxury residences now.