Bengaluru: Actual property developer Status Group on Friday signed an settlement with Blackstone Group Lp to promote rental revenue belongings for round $1.6 billion ( ₹11,800 crore), mentioned an individual accustomed to the event.
The deal, which incorporates 14 million sq ft of accomplished belongings and one other 10 million sq ft of under-construction belongings, is among the greatest actual property portfolio acquisitions within the nation.
“The deal consists of Status industrial workplace and retail belongings. Status will use the capital to primarily cut back debt and likewise for enterprise growth,” the particular person mentioned.
The workplace belongings that Blackstone will purchase from Status can be part of the previous’s Nucleus Workplace Parks, an entity that home its industrial workplace belongings with rental revenue, to consolidate all its fully-owned properties underneath a single entity.
Nucleus Workplace Parks is the industrial workplace equal of Blackstone’s subsidiary Nexus Malls that homes its purchasing malls in India.
A Blackstone spokesperson and executives of Status didn’t remark to queries.
Blackstone is the most important workplace proprietor in India with a portfolio of 118 million sq. ft throughout 44 belongings in six cities. Since its foray into the nation, the corporate has invested over $15 billion throughout sectors comparable to actual property ($7.8 billion), non-public fairness ($6.9 billion) and tactical alternatives ($400 million).
In September, anti-trust watchdog Competitors Fee of India (CCI) authorized Canada’s Brookfield Asset Administration’s acquisition of one other Bengaluru-based realty agency RMZ’s industrial belongings portfolio together with its co-working enterprise CoWrks.
The worth of the acquisition is pegged at round ₹15,500 crore.
Brookfield has additionally filed a draft provide doc with market regulator SEBI to boost round ₹4400 crore via an actual property funding belief (REIT). The IPO could possibly be launched this year-end or by early 2021 newest.
This might be the third REIT in India, after Mindspace Enterprise Parks REIT which debuted on the inventory trade in August and Embassy Enterprise Workplace Parks that launched final yr.