Global investment firm Blackstone has announced its acquisition of a 40% stake in Pune-based real estate company Kolte-Patil Developers Ltd for ₹1,150 crore. This strategic investment highlights Blackstone’s growing confidence in the Indian real estate market and its belief in the sector’s long-term growth potential.
As per Kolte-Patil Developers’ regulatory filing, the acquisition will take place in two phases. In the first phase, Blackstone will acquire a 14.3% stake for ₹417 crore via a preferential allotment of 1,26,75,685 equity shares at ₹329 per share. In the second phase, Blackstone will purchase an additional 25.7% stake from the company’s promoters for ₹750 crore, acquiring 2,27,96,353 equity shares at the same price of ₹329 per share.
Following these transactions, Blackstone will make an open offer to acquire an additional 26% stake in Kolte-Patil Developers, further solidifying its position. Upon completion of the deal, Blackstone will share joint control of the company with its promoters, who currently hold 69.45% of the company.
On March 13, Kolte-Patil Developers’ shares closed at ₹347.15 on the Bombay Stock Exchange (BSE). This acquisition is expected to boost the company’s financial stability and support its expansion, leveraging Blackstone’s extensive expertise in real estate.
Blackstone has been progressively increasing its investments in India, with a current exposure of $50 billion across various asset classes, including real estate, private equity, and infrastructure. The firm recently announced its goal of doubling its exposure in the country to $100 billion, further affirming its long-term commitment to India’s growth.
This investment in Kolte-Patil Developers is part of Blackstone’s broader strategy to expand its real estate presence in India. The firm has previously made significant investments in office spaces, shopping malls, and warehouses across the country.
In addition, Blackstone, in partnership with the Sattva Group, has been involved in sponsoring the Knowledge Realty Trust (KRT). KRT has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a Real Estate Investment Trust (REIT) public issue, aiming to raise up to ₹6,200 crore. If successful, it will become one of the largest office REITs globally in terms of leasable area.
The KRT portfolio includes 30 Grade A office properties across six major cities, covering a total area of 48.1 million square feet, with 37.1 million square feet already completed, 2.8 million square feet under construction, and 8.2 million square feet planned for future development. Blackstone holds a 55% stake in KRT, while Sattva Group owns the remaining 45%.
Blackstone’s investment in Kolte-Patil Developers further strengthens its position in India’s real estate sector, underscoring its continued commitment to the country’s growth.