Blackstone buys IDFC Alternatives' two office parks for Rs. 900 cr.

US-based private equity giant Blackstone has bought two office parks in Noida and Pune from fund manager IDFC Alernatives for Rs. 900 crore. IDFC Alternatives said it has made returns of 22 per cent in the deal.

IDFC said Blackstone has bought 1.3 million square feet Galaxy IT Park in Noida adn 1.5 million sq ft BlueRidge SEZ in Pune.

Blackstone has invested over $1 billion (Rs. 6,000 crore) in acquiring office projects over the last couple of years and is the largest office assets owner after DLF in the country. It is believed to be making groundwork to list its office assets as Real estate investment trust (Reit) in the country.

Blackstone has recently acquired Express Towers in Mumbai alongwith Pune-based Panchsheel Realty for over Rs. 900 crore. Blackstone has bought DLF Akruti IT park in Pune, Asia property portfolio of Merril Lynch among others.

Earlier this year, IDFC Alternatives raised Rs. 750 crore (US$ 125 million) from domestic investors for a real-estate high yield debt fund, IDFC Real Estate Yield Fund. The fund targets under-construction residential projects in Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Pune and has currently has made four investments.


BS