Blackstone Group, a private equity firm, is about to buy an office space in First International Financial Centre (FIFC) Tower inside a business district Bandra-Kurla Complex in Mumbai.
The acquisition is going to be finalised in next few weeks for Rs 850 crore that includes six floors in the tower with total area of 3.6 lakh sq. ft. With this, Blackstone is going to buy a consortium company, Earnest Trading (ETPL) which owns almost more than half of space out of 6.57 lakh sq. ft. Another 3 lakh sq. ft. of area is owned by global banking company Citibank Group.
FIFC was developed by a consortium of U.S. based investors including funds affiliated with Starwood Capital Group, India Property Fund (sponsored by The Chatterjee Group & Vornado Realty Trust) and Urban Infrastructure Real Estate Fund.
The property is held through a consortium company, Earnest Trading (ETPL).
Blackstone has set up a benchmark by acquiring India’s biggest portfolio of income producing office assets total of 30 million sq ft across the major cities like Noida, Mumbai, Pune and Bengaluru.
Source: ET Realty