Blackstone eyes 15% stake in K Raheja’s office portfolio for $300 million

blackstone eyesMUMBAI: US private equity major Blackstone Group has moved closer to inking a $250-300-million deal for 15% in K Raheja Corp’s 20-million sq ft income-producing office portfolio, said two persons familiar with the development.

“An application with regards to the proposed deal has now been filed with anti-trust watchdog Competition Commission of India. The transaction is fast progressing towards closure,” said one of the persons mentioned above.

K Raheja Corp, India’s second largest developer of commercial parks, is seen as a prominent candidate for listing its real estate investment trust (REIT) in India.

This transaction is a precursor to list its commercial portfolio. The company has developed more than 30 million sq ft of commercial space across the west and south.

Source:http://realty.economictimes.indiatimes.com/news/commercial/blackstone-eyes-15-stake-in-k-rahejas-office-portfolio-for-300-million/57486447

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