Deal Street

October 12, 2017

Blackstone buys Xander’s stake in Pune realty project


Blackstone

Roughly 49% stake of Xander Group has been sold in Pune’s International Convention Centre (ICC), a mixed-use project of Panchshil Realty, to private equity giant Blackstone Group.

Xander Group had picked up the stake through one of its PE funds in 2010 for roughly Rs 500 crore. Blackstone has now paid somewhere between Rs 1,100 and Rs 1,200 crore for the asset.

AZB & Partners acted for Xander with a team led by Partners Hardeep Sachdeva and Ravi Bhasin along with Senior Associate Devina Gupta and Associate Apoorva Sharma.

Cyril Amarchand Mangaldas advised Blackstone and the team included Corporate Partners Reeba Chacko and Shishir Vyattaden, Real Estate Partners Namrata Kolar and Mridul Kumbalath and Competition Partner Anshuman Sakle.

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