US private equity major Blackstone Group is in advanced talks to acquire over 3.60 lakh sq ft spread over six floors in First International Financial Centre (FIFC) Tower in Mumbai’s business district Bandra-Kurla Complex for over Rs 850 crore, said three persons familiar with the development.
FIFC has been developed by a consortium of US-based investors, including funds affiliated to Starwood Capital Group, India Property Fund sponsored by The Chatterjee Group & Vornado Realty Trust and Urban Infrastructure Real Estate Fund. These investors are holding the property through a consortium company, Earnest Trading (ETPL).
“The discussions have almost been finalised and the deal for half of the building is expected to be concluded over the next few weeks. Under this transaction, Blackstone Group is buying out Earnest Trading,“ said one of the persons mentioned above.
Read more: Economic Times