MUMBAI: 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.