MUMBAI, Nov 19 (Reuters) - U.S. private equity firmBlackstone Group LP and Indian developer Panchshil Realtyare close to buying a majority stake in an office tower inMumbai for about 9 billion rupees ($144 million), two sourceswith direct knowledge of the matter said.
The deal could be concluded as early as next week, said asource directly involved in the talks. Both the sources declinedto be named as the details are not public yet.
The 25-storey Express Towers in Nariman Point, a businessdistrict, is 49 percent owned by ICICI Ventures, the privateequity arm of ICICI Bank, India's biggest privatesector lender.
The rest is held by Indian Express Group, a newspaperpublisher.
Blackstone, ICICI Ventures and Indian Express Group declinedto comment. Panchshil could not be reached immediately.
The Economic Times reported the deal earlier on Tuesday.
Blackstone has invested more than $500 million in buyingleased property assets in India.
It is also in advanced talks to buy a business park inMumbai for about 10 billion rupees and a special economic zonein Gurgaon for around 24 billion rupees, sources have toldReuters.
The 400,000 square-foot Express Towers overlooks the ArabianSea and is home to several tenants including Blackstone, Bank ofAmerica Merrill Lynch, Temasek Holdings,Warburg Pincus and General Atlantic Company.
- Private Equity & Hedge Funds
- Mergers, Acquisitions & Takeovers
- Indian Express Group
- Blackstone Group LP
- private equity firm