Blackstone Makes First Indian Real Estate Acquisition

Blackstone Group LP’s property unit has made its first purchase in the Indian Real Estate market by paying $18 million for a minority stake in Synergy Property Development Services.

Blackstone’s property unit is buying the stake in the Bangalore-based property management and construction company, the newspaper reported. Blackstone was one of the most active private equity firms in India last year, concluding five deals valued at about $800 million.

Synergy has more than 500 staff and has operations in Dubai and Kuala Lumpur, the FT said. Synergy manages about 100 million square feet of real estate, the newspaper said. The acquisition will give Blackstone a platform to make other investments in India’s property market.