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Blackstone buys stake in Banglore realty firm

Blackstone Real Estate Partners, an affiliate of the New York based Blackstone group announced to invest approximately $18 million for a minority stake with the board representation in the Banglore-based real estate firm Synergy Property Development Services.

However the quantum of stake Blackstone will be picking up in the company has not been specified.

Formed in 2003, Synergy is one of the top project and construction management offices, company has already delivered 20 million square feet of real estate and presently managing assets 100 million square feet across the country, across various classes like hospital, retail, office etc.

The Gurgaon Medicity, Select Citywalk, a premium retails development in Delhi, Park-Hyatt hotel in Chennal etc. are some of the projects executed by thecompany so far.

Source: Business Standard

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