Blackstone Group LP has part – exited from its PE investment in project management consultancy Synergy Property Development Services Pvt Ltd. Synergy is Blackstone’s first investment in India. Blackstone has aggressively invested in commercial real estate and owns approximately 30 million sq ft of assets across major cities in the country.

Blackstone has sold 35% stake in Synergy, but the deal value remains undisclosed.
Blackstone Real Estate Partner is an affiliate of New York based PE giant has invested Rs 56 crore in the company in 2008. Synergy on the other hand delivered 100 million sq ft of projects expanding operations to 10 countries.
Blackstone, along with Singapore’s Sovereign wealth fund GIC, is a frontrunner in discussions for the sale of a 40 per cent stake by DLF promoters in the rental arm of the company.

Recently, Blackstone hit final close of its latest real estate global fund – Blackstone Real Estate Partners VIII — at $15.8 billion. Its initial investments from the fund have gone toward acquiring significant real estate assets from General Electric Capital Corporation and Strategic Hotels, a publicly traded real estate investment trust.