Blackstone and Brookfield Asset Management add to India portfolios
New York–based Blackstone and Toronto-based Brookfield Asset Management are reportedly acquiring a combined INR1,450 crore ($211 million) of real estate in Mumbai, India, in a pair of unrelated deals.
The new acquisitions are targeting the commercial and hospitality sectors, according to Mingtiandi.
Blackstone has acquired a stake in the L&T Business Park, a two-tower, ten-story business park in the Powai neighborhood. Constructed in 2010, the complex spans 407,000 square feet and was developed by Larsen and Toubro.
It is currently fully-let to J.P. Morgan, Amazon Internet Services, and Colgate.
Brookfield Asset Management reportedly signed a memorandum of understanding for the acquisition of a five-star hotel and sports club, and an undeveloped land parcel for INR750 crore ($10.9 million) from Narang Realty, one of the leading builders in Mumbai.
Brookfield already manages $3.5 billion in real estate assets in India.