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Report: Blackstone selling Indian IT parks to Xander after CapitaLand pullout

U.S.-based Blackstone Group LP is in final talks for the sale of two IT parks in the Indian city of Pune to Singaporean private equity firm The Xander Group Inc. for about 20 billion rupees, the Business Standard (India) reported, citing anonymous sources.

The news came a month after the publication reported that CapitaLand Ltd. withdrew from a 22 billion-rupee deal to buy the BlueRidge special economic zone, or SEZ, and another SEZ at Hinjewadi. Both CapitaLand and Xander were understood to be in the running to secure the assets.

The IT parks, which are not part of Blackstone's joint ventures, will not be added to the seed portfolio of Blackstone's planned real estate investment trust in India, according to the Aug. 13 report.

Blackstone and Xander declined to comment, the report added.

Blackstone hired Morgan Stanley to market the properties.

As of Aug. 13, US$1 was equivalent to 69.99 rupees.