is selling the assets to reduce debt and generate liquidity via the Blackstone deal. Irfan Razack, chairman and managing director of the company, had said the cash will give the company growth capital.
“Also the existing assets will be replaced by brand new ones. Around Rs 6,000 crore of debt will be retired after this deal and we will be left with Rs 4,000 crore surplus for new projects,” he had said.
Blackstone is the largest office owner in the country, and has invested $10 billion in real estate
alone with this transaction. It has joint ventures with Panchshil Realty, K Raheja Corp, Salarpuria Sattva, among others.
Blackstone's two joint ventures with Embassy group
and K Raheja Corp have floated real estate investment trusts or REITs in the country.