Blackstone Group LP has purchased an office building at Larsen and Toubro Ltd’s (L&T) Business Park in Mumbai for ₹650-700 crore, said three people familiar with the transaction, requesting anonymity. ft office space at the business park in Powai, as it seeks to accelerate its realty investments in India. “L&T wanted to monetize some of its real estate assets, and both deals are part of that plan," said the first person cited above. With these two deals, Blackstone has committed around $5.8 billion across 34 real estate investments in India. Even as the residential sector continues to limp through a liquidity crisis and slowdown in sales, the commercial real estate business has consistently attracted global investors.

Source: Mint July 03, 2019 17:37 UTC