Blackstone Real Estate to invest $18 mn in Synergy Property

MUMBAI: Blackstone Real Estate Partners on Monday said it would invest 18 million dollars for a minority stake with Board representation in Bangalore-based Synergy Property Development Services.

Blackstone Real Estate Partners is an affiliate of the New york-based Blackstone Group.

Synergy specialises in architectural design and fitouts, complete management and turnkey contracts and currently has over 500 employees across nine Indian offices, with international offices in Dubai and Kuala Lumpur, a release said here.

The company has delivered over 20-million sq ft of real estate and is presently managing over 100-million sq ft across various asset classes, it said. The company now plans to expand into infrastructure projects such as airports.

Blackstone's real estate group's Co-Head and Senior Managing Director Chad Pike said, "We are excited to be doing this innovative deal and about teaming up with the best project manager in India as we build our business in the region."

Synergy's Managing Director Sankey Prasad added, "our vision for partnering with Blackstone is to combine our individual strengths and build a strong platform to deliver world-class products in the Indian and global real estate market."