CCI approves Blackstone-K Raheja Corp office portfolio deal

MUMBAI: The Competition Commission of India (CCI) has approved the US private equity major Blackstone Group’s proposed acquisition of partial stake in K Raheja Corp’s commercial or income-producing office portfolio.

ET had earlier reported that Blackstone has moved closer to pick up 15% stake in the property developer’s commercial real estate portfolio of 20 million sq ft for $250-$300 million.

In a tweet, the anti-trust watchdog said it has approved “acquisition of stakes in certain entities of KRC Group by Blackstone.

The developer has portfolio of completely leased 20 million sq ft office spaces across Mumbai, Navi Mumbai, Hyderabad and Pune.

K Raheja Corp, India’s second largest developer of commercial parks, is seen as a prominent candidate for listing its Real Estate Investment Trust (REIT) in India. This transaction is a pre-cursor to the company’s plan to list the commercial portfolio through a REIT. The company has developed more than 30 million sq ft of commercial space across western and southern parts of the country.

Reff: http://realty.economictimes.indiatimes.com/news/industry/cci-approves-blackstone-k-raheja-corp-office-portfolio-deal/57897363

Walls N Roof Comment: Indian commercial real estate is poised to witness a lot of interest from investors in the year 2017. K Raheja has many residential and commercial real estate projects in India and is one of the best realty developers. The Competition Commission of India (CCI) has approved the US private equity major Blackstone Group’s proposed acquisition of partial stake in K Raheja Corp’s commercial or income-producing office portfolio. This acquisition by Blackstone group of K Raheja Corp office portfolio will definitely boost the commercial realty of India.

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