By Kenan Machado
MUMBAI--U.S.-based private equity firm Blackstone Group L.P.
(BX) has bought two office properties in India from a unit of
Indian financier IDFC Ltd. (532659.BY), the Indian company said
Tuesday.
IDFC said Blackstone has bought a property in Noida, which is a
satellite city on the outskirts of New Delhi, and another in the
western Indian city of Pune, from its private equity arm IDFC
Alternatives Ltd.
It didn't disclose the value of the deal. However, a person
familiar with it said Blackstone paid about $178 million for the
properties.
Real estate demand in India is expected to pick-up on the back
of a recovery in the economy as the country's new government, which
took charge in May, speeds up changes in economic policies.
Blackstone has been increasing its real estate investments in
India in recent years. In May, it partnered with a local developer
to buy Express Towers, an iconic business property in Mumbai. In
December 2011, it bought an economic zone in Pune earmarked for
promoting technology businesses.
-Write to Kenan Machado at kenan.machado@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires