Brookfield eyes ICICI Tower; Blackstone invests in Salarpuria Sattva projects

Canadian alternative asset manager Brookfield Asset Management has gone forward in the negotiation process with ICICI Bank Ltd to acquire the private sector lender’s commercial property in Hyderabad, reports said.

“Brookfield has completed due diligence for ICICI Tower, but certain transfer procedures are pending. The deal is valued at Rs 1,000-1,200 crore ($154-185 million), said a report.

In another development, private equity giant Blackstone Group has pumped in about Rs 800 crore in two under-construction office projects of Bengaluru-based developer Salarpuria Sattva Group in Hyderabad, reported a business

Knowledge Park and Knowledge Capital have a developable area of 6 million sq ft, according to the report.

Earlier in 2016, Blackstone had invested Rs 470 crore in Salarpuria Sattva’s Knowledge City office park in Hyderabad.

The report pegged the total investment across the three Salarpuria projects at Rs 5,000 crore, which includes equity capital as well as project-level debt that is still to be raised.

In March, Blackstone had agreed to buy a 50% stake, each, in two subsidiaries of listed developer Indiabulls Real Estate Ltd at an enterprise value of Rs 9,500 crore.

It is also in talks to by an 80-85% stake in Nitesh Hub, a retail property owned by public-listed developer Nitesh Estates, for Rs 300 crore. Nitesh Hub is a 1 million sq. ft shopping mall located at Koregaon Park in Pune.

The 1.2 million sq. ft commercial space is situated at Gachibowli Financial District in Hyderabad.

In January, it had been reported that Brookfield was set to buy Equinox Business Park from Essar Group for Rs 2,450 crore. The commercial property is spread across 1.25 million sq ft at the Bandra Kurla Complex in Mumbai.

In 2016, Brookfield had agreed to buy Mumbai-based Hiranandani Group’s commercial and retail assets spread across 4.5 million sq ft in Powai for $1 billion (Rs 6,700 crore).