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Blackstone eyes Noida IT SEZ Date : Sep 16, 2014
BANGALORE: Private equity giant Blackstone Group is in discussions to acquire an IT special economic zone (SEZ) in Noida owned by The 3C Company for a little over Rs 600 crore, as its appetite for India's commercial real estate continues unabated.
The global investor is likely to buy 3C's 25-acre Oxygen Boulevard SEZ located on the Noida Expressway, people directly involved with the matter said. The deal involves tenanted office space and undeveloped land. Blackstone is negotiating the transaction on its own at this stage even though it has two joint venture commercial real estate partners in Bangalore-based Embassy Group and Pune-based Panchshil Realty, one of the sources mentioned earlier added.
The PE investor has spent $1 billion in recent years to emerge as one of the largest office space landlords in the country, with a portfolio of 21 million sq ft.
Blackstone declined to comment for the story. An e-mail sent to Vidur Bharadwaj, director, The 3C Company, met with no response. Text messages and phone calls to another company director Surpreet Suri also elicited no response. Blackstone has picked up several marquee commercial assets through a series of acquisitions, including the Express Towers in Mumbai, eyeing a potential listing of these assets under a real estate investment trust (REIT) in the near future. The New York-based fund is also closing a Rs 1,050-crore deal with Milestone Capital for 1 million sq ft of office space at Vikhroli in Mumbai, which TOI had reported in May. Indian stock market regulator Sebi earlier this year unveiled guidelines for domestic REITs, but market participants are seeking more tax breaks.  |
  
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