The world's largest alternative investments asset manager Blackstone Group has invested in an ongoing commercial project of Bangalore-based developer Salarpuria Sattva Group.
The Mint reported earlier in the day that the investment firm has put in Rs 470 crore ($70 million) in Knowledge City, an office park located in Hyderabad. This marks the first investment of the firm in Hyderabad.
Bijay Agarwal, managing director of Salarpuria Sattva Group, confirmed the transaction, the report said. The developer is constructing over 6 million sq ft of office space in the project, which is partly leased out and the construction is expected to be completed in four-five years.
When contacted by VCCircle, a spokesperson of Blackstone said that the company does not comment on media speculations.
Known for its commercial projects, the developer also has presence across residential, hospitality and retail properties. It claims to have delivered over 16 million sq ft across these segments. As reported by VCCircle, the developer is looking at acquiring a residential project of Equinox in the city.
Blackstone has been aggressively acquiring commercial assets and now stands as one of the biggest owners of commercial properties in India. It recently sealed a mega deal with the acquisition of real estate developer Alpha G:Corp, whose chief projects are two retail assets in Amritsar and Ahmedabad.
Prior to that, it acquired an asset in NCR from The 3C Company and followed that by concluding its long-drawn deal to buy out HCC and Milestone Capital and IL&FS PE from 247 Park in Mumbai.