Blackstone, one of the world’s leading investment firms, has zeroed in on 1 million sq ft of retail space in in L&T Realty Ltd’s Seawoods project in Navi Mumbai. The firm will pay Rs 1,450 crore for this space to L&T Realty.
According to a report in Livemint: Blackstone has in-principle agreed to buy the retail portion of Seawoods Grand Central, the people said, requesting anonymity.
The so-called transit-oriented development project is built around the railway station of Seawoods-Darave. L&T Realty also has 4 million sq.ft of office space coming up as part of a 40-acre project.
Blackstone, which has already invested $6 billion across sectors in India, is increasing its bets on real estate assets in the country.
L & T Realty, the real estate arm of Larsen & Toubro has more than 50 million sq.ft projects. If the deal with Blackstone is finalised, then it would the investment firm’s second real estate investment this year. The company had invested Rs.470 crore in Salarpuria Sattva Goup’s ongoing office park project in Hyderabad’s Knowledge City earlier this year.
Blackstone is aggressively expanding in India and has some shopping centre as well as hotel projects in its kitty.
Blackstone – The Inception
Blackstone is one of the world’s leading investment firms. Founded in 1985 by Stephen A. Schwarzman, in Manhattan, New York City, the firm has more than 2,000 employees in 21 offices worldwide. Their portfolio companies employ more than 570,000 people across the globe. Blackstone specializes in private equity, credit and hedge fund investment strategies, as well as financial advisory services, such as mergers and acquisitions (M&A), restructurings and reorganizations, and private placements.
Blackstone’s business is divided in four business segments
1. Corporate private equity – Management of Blackstone’s family of private equity funds investing in leveraged buyout transactions;
2. Investment Banking and Financial Advisory – Includes Blackstone’s mergers and acquisitions advisory services, restructuring and reorganization advisory services, and fund placement services for alternative investment funds;
3. Marketable Alternative Asset Management – Management of Blackstone’s funds of hedge funds, mezzanine funds, senior debt vehicles, and closed-end mutual funds;
4. Real Estate – Management of Blackstone’s family of real estate investment funds.
The India Story
In late 2011 Blackstone Group LP acquired the German outdoor company Jack Wolfskin. Blackstone moved some of its accounting functions to India. They have an office in Express Towers, Nariman Point, Mumbai.