The Blackstone Group Inc. is consolidating its fully owned commercial office properties in India under a single entity known as Nucleus Office Parks, Livemint reported, citing a person familiar with the development.
The private equity giant, as reported earlier, is in advanced talks to buy nearly 16 million square feet of commercial assets, including mostly office space and a few malls and hotels, from Prestige Group for about $1.6 billion.
Once the Prestige deal is completed, the office assets will be added to the Nucleus platform, which will become a sizable stand-alone entity and will be fully owned and managed by Blackstone, according to the source.
Nucleus is expected to convert into the commercial office equivalent of Blackstone's subsidiary Nexus Malls, which holds the firm's shopping malls in India.
A spokesperson for Blackstone declined to comment, according to the news outlet.