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.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
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