Blackstone to Invest $18m into India Construction Biz

May 20, 2008	(Be the first to rate this story!)  Loading ...
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Blackstone Real Estate Partners, an affiliate of The Blackstone Group L.P., recently invested $18 million for a minority stake in Indian construction management firm Synergy Property Development Services Private Ltd.

Formed in 2003, Synergy is one of the largest construction management companies in India with over 500 employees in nine offices across India and in Dubai and Kuala Lumpur.

Synergy, which is based in Bangalore, is currently managing over 100 million square feet of office, retail, residential, hotel and hospital space. The company also has plans to expand into infrastructure projects such as airports.

“We are excited to be doing this innovative deal and about teaming up with the best project manager in India as we build our business in the region. In the longer term, we believe there will be attractive real estate investment opportunities that follow from this partnership,” said Chad Pike, senior managing director and co-head of Blackstone’s real estate group.

Synergy specializes in architectural design and project management. Its portfolio of projects include well known developments such as the Medicity in Gurgaon, a hospital cluster development; Select Citywalk, a retail development in New Delhi; the HCC-ICICI Tech Park and Runwal Town Centre in Mumbai; the Park Hyatt hotel in Chennai; and the Manyata Business Park and Embassy Golf Links in Bangalore.

“Our vision for partnering with Blackstone is to combine our individual strengths and build a strong platform to deliver world class products in the Indian and global real estate market,” said Sankey Prasad, managing director of Synergy. “In addition, part of the proceeds from this transaction will make possible a wealth creation and retention program for each and every employee of Synergy, so that we can continue to foster our entrepreneurial culture as we grow.”

News Published Under:   Real Estate India, Foreign Direct Investment in India |

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