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Report: Blackstone, Brookfield, Canada Pension in talks for Kotak Indian assets

Blackstone Group LP, Brookfield Asset Management Inc. and the Canada Pension Plan Investment Board are in discussions with Kotak Realty Fund to acquire assets from two real estate funds, Livemint reported, citing unnamed sources.

Kotak Realty Fund possesses four separate special-purpose vehicles that hold interests in residential projects in India's Chennai and Gurugram that were purchased by its vintage funds in 2007.

The vintage funds include Kotak Alternate Opportunities India Fund and Kotak India Realty Fund, worth US$331 million and US$265 million, respectively.

Kotak tapped Jones Lang LaSalle India to advise it on the sale process, the publication noted, citing one of the sources.

The projects on the block include the Astaire Gardens residential township project in Gurugram; a 140-acre residential township project in Chennai; the Aavisa integrated township project in Sriperumbudur, Tamil Nadu; and residential units on a 20-acre plot off Chennai's Old Mahabalipuram Road.

The publication could not get a comment from the parties.