Photographs: Courtesy, expresstowers.in Indulal P.M. and Aditi Shah
US private equity firm Blackstone Group LP and Indian developer Panchshil Realty are close to buying a majority stake in an office tower in Mumbai for about Rs 900 crore (Rs 9 billion), two sources with direct knowledge of the matter said.
The deal could be concluded as early as next week, said a source directly involved in the talks. Both the sources declined to be named as the details are not public yet.
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Blackstone, Panchshil Realty to buy Express Towers for Rs 900 cr
Photographs: Gahlowt/Wikimedia Commons.
The 25-storey Express Towers in Nariman Point, a business district, is 49 percent owned by ICICI Ventures, the private equity arm of ICICI Bank, India's biggest private sector lender.
The rest is held by Indian Express Group, a newspaper publisher.
Blackstone, ICICI Ventures and Indian Express Group declined to comment. Panchshil could not be reached immediately.
The Economic Times reported the deal earlier on Tuesday.
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Blackstone, Panchshil Realty to buy Express Towers for Rs 900 cr
Photographs: Courtesy, expresstowers.in
Blackstone has invested more than $500 million in buying leased property assets in India.
It is also in advanced talks to buy a business park in Mumbai for about Rs 1,000 crore (Rs 10 billion) and a special economic zone in Gurgaon for around Rs 2,400 crore (Rs 24 billion), sources have told Reuters.
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Blackstone, Panchshil Realty to buy Express Towers for Rs 900 cr
Photographs: Courtesy, expresstowers.in
The 400,000 square-foot Express Towers overlooks the Arabian Sea and is home to several tenants including Blackstone, Bank of America Merrill Lynch, Temasek Holdings, Warburg Pincus and General Atlantic Company.
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