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Report: Potential 20B rupee sale of 2 Blackstone IT parks lures CapitaLand

Singapore-listed developer CapitaLand Ltd. and investment company The Xander Group Inc. are said to be the leading contenders to buy Blackstone Group LP's two IT parks in Pune, India, which could sell for a combined consideration in the range of 20.00 billion Indian rupees, India's Mint reported, citing two people aware of the matter.

The U.S.-based private equity giant is seeking buyers for its BlueRidge special economic zone, or SEZ, and for another similar asset in Pune's Hinjewadi area, with the assistance of Morgan Stanley.

BlueRidge is a 1.5 million-square-foot IT park that Blackstone bought from fund manager IDFC Alternatives in 2014 as part of a 9.00 billion rupee agreement. It was earlier reported the site had also attracted bids from Singaporean wealth fund GIC Pvt. Ltd., Canada Pension Plan Investment Board and Brookfield. Meanwhile, the Hinjewadi IT SEZ, which was jointly developed by DLF Ltd. and Hubtown Ltd., was acquired by the private-equity giant in 2011 for 8.10 billion rupees, the paper noted.

Aside from CapitaLand and Xander Group, other parties competing for the properties are Singaporean investor-developer Ascendas-Singbridge and the Shapoorji Pallonji-Allianz partnership, according to the report.

Spokespersons from Blackstone and Morgan Stanley declined to comment regarding the matter, while emails to Xander Group on the same subject were left unanswered, according to Mint.

As of March 23, US$1 was equivalent to 64.97 Indian rupees.