Blackstone injects Rs. 800-cr realty booster

In order to make the most out of the future business avenues in commercial real estate, the Blackstone Group has recently invested Rs 800 crore in two under-construction commercial projects in Hyderabad. The projects in question are being developed by Salarpuria Sattva Group, said an industry insider, adding that the two projects—Knowledge Park and Knowledge Capital—have developable area of 6 million sq. ft and are located in the Gachibowli and Hitech City areas of the city. In India, Blackstone‘s developer partners are Embassy Group in Bengaluru, Panchshil Realty in Pune and K Raheja Corp. in Mumbai. With its second investment in Salarpuria‘s projects, the total developable area under this partnership has increased to 13 million sq. ft in Hyderabad. The total investment across these three Salarpuria projects is around Rs 5,000 crore, which includes the equity capital that Blackstone has invested along with project-level debt that will be raised, he added.