Real Estate - JULY 12, 2019

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Blackstone and Brookfield Asset Management add to India portfolios

by Kali Persall

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.


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