Blackstone has acquired 50% stake in Embassy Property Developments - owned portfolio of three business parks for $200 Mn, according to ET.
Blackstone has bought stake in an SPV comprising three commercial properties totaling over 10 Mn sq ft - Embassy Golf link and Manyata Embassy Business Park in Bangalore and Embassy Tech Zone in Pune.
Embassy Golf link is a 5 Mn sq ft, or 65-acre, Business park while Manyata Embassy Business Park is a 100-acre integrated mixed-use development Business Park, which has a developable area of 18.29 Mn sq ft. Embassy TechZone in Pune is spread over 70 acre with 52 acre designated for a special economic zone.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.