Global funds eye Blackstone's 50% stake

09 Aug 2023 CW Team

According to people with direct knowledge of the negotiations, two Canadian pension funds, GIC of Singapore, and the Abu Dhabi Investment Authority (ADIA) are among the sovereign wealth funds interested in purchasing Blackstone Group's 50% stake in Panchshil Realty and Salarpuria Sattva Group's respective commercial portfolios.

The transaction is anticipated to close with an enterprise value of between $4.5 and $5 billion.

The pension funds The Ontario Municipal Employees Retirement System (OMERS) and The Canada Pension Plan Investment Board (CPP Investments) have expressed interest in purchasing a share in this commercial real estate portfolio in India, which spans a total of 26 million square feet.

The portfolio consists of functioning properties totaling 21 million square feet in Pune and Hyderabad, two important commercial real estate markets. The property also includes a Pavilion Mall in Pune and a 415-key JW Marriott hotel in addition to office buildings.

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