MUMBAI, Sept 30 (Reuters) - Blackstone Group LP is intalks to sell out of a New Delhi property investment for about$40 million, two sources with direct knowledge of the mattertold Reuters, in what would be its first exit from a propertyinvestment in the country.
U.S.-based Blackstone is selling its nearly 30 percent stakein a subsidiary of Indian property firm BPTP Ltd and is in talkswith two potential buyers, one of which is BPTP's controllingowner, the sources said.
At $40 million, a sale would generate a return of about 2.5times on the investment. Blackstone paid 1 billion rupees forthe stake in March 2007, its website showed.
A deal could be announced later this week, one of thesources said.
Blackstone declined to comment, while BPTP did not respondto emails and phone calls seeking comment.
Blackstone, the world's largest private equity fund, is themost active private equity property investor in India and hasspent about $500 million on about 20 million square feet ofproperty assets over the past 18 months..
- Private Equity & Hedge Funds
- Financials Industry
- Blackstone Group LP