Blackstone Real Estate Partners, an affiliate of The Blackstone Group
L.P. (NYSE: BX) announced today that it agreed to invest approximately
$18 million for a minority stake with board representation in Synergy
Property Development Services Private Ltd.
Formed in 2003, Synergy is now one of the top project and construction
management companies in India and currently has over 500 employees
across 9 Indian offices, with international offices in Dubai and Kuala
Lumpur. Synergy, which is based out of Bangalore, has delivered over 20
million square feet of real estate and is presently managing over 100
million square feet across various asset classes including office
retail, residential, hotels and hospitals. The company also has plans to
expand into infrastructure projects such as airports.
Synergy specializes in architectural design and fitouts, complete
project management and turnkey contracts. The company´s
forte is managing the entire process from start to finish and ensuring
timely project delivery. Its portfolio of projects include well known
developments such as the Medicity in Gurgaon, India´s
largest hospital cluster development, Select Citywalk, a premium retail
development in Delhi, the HCC-ICICI Tech Park and Runwal Town Centre in
Mumbai, the Park Hyatt hotel in Chennai, and the Manyata Business Park
and Embassy Golf Links in Bangalore, two of the largest and most
successful business parks in India.
Sankey Prasad, Managing Director of Synergy said, "Started
by a group of young architects and engineers, Synergy has created a
leading position in the market by tying our success in the design and
project management of large, prestigious projects to the delivery of top
quality construction on time and on budget. With a qualified, proactive
and experienced staff base, and aided by industry leading retention
rates of our staff, the strength of Synergy is in its people."
Chad Pike, Senior Managing Director and London-based co-head of
Blackstone´s real estate group, said, "We
are excited to be doing this innovative deal and about teaming up with
the best project manager in India as we build our business in the
region. In the longer term, we believe there will be attractive real
estate investment opportunities that follow from this partnership." Tuhin Parikh, Managing Director of Blackstone´s
real estate group in Mumbai added, "We look
forward to using Blackstone´s global platform
to support the continued growth of Synergy as it delivers on its
long-term growth plan."
Sankey Prasad commented, "Our vision for
partnering with Blackstone is to combine our individual strengths and
build a strong platform to deliver world class products in the Indian
and global real estate market. In addition, part of the proceeds from
this transaction will make possible a wealth creation and retention
program for each and every employee of Synergy, so that we can continue
to foster our entrepreneurial culture as we grow."
About The Blackstone Group
The Blackstone Group L.P. is a leading global alternative asset manager
and provider of financial advisory services. Its alternative asset
management businesses include the management of corporate private equity
funds, real estate funds, funds of hedge funds, mezzanine funds, senior
debt vehicles, proprietary hedge funds and closed-end mutual funds. The
Blackstone Group L.P. also provides various financial advisory services
including corporate and mergers and acquisitions advisory, restructuring
and reorganization advisory and fund placement services.
Blackstone´s Real Estate group numbers more
than 60 investment and asset management professionals with broad
experience across most real estate categories, including hotels, office
residential, retail, and other commercial properties. The group has
completed more than 225 separate investments in North America and Europe
with a total transaction value of approximately $132 billion since 1992.
Most recently the group opened offices in Tokyo, Hong Kong and Mumbai to
expand Blackstone´s real estate business in
Asia, and closed Blackstone Real Estate Partners VI with capital
commitments totalling $10.9 billion, creating the largest real estate
opportunity fund ever raised. Further information is available at www.blackstone.com.
