"Blackstone and Embassy Property Developments signed the
transaction earlier this month. The deal was followed by the
October 4 order of the Competition Commission of India, which
gave clearance for the transaction," said the person, who did
not wish to be named. "It is an equity-level investment,
where a holding company was floated with three commercial
assets under it. However, the deal finally cascaded down to
the SPV level."
A detailed email sent to Embassy did not elicit a response
while Blackstone in an email reply said, "We would not like
to comment on this story. Our communication protocol does not
allow us to speak on market speculation."
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Experts said the deal is in line with this year's trend.
"Given the uncertainties in political and economic
environment, investors are risk-averse and are investing in
pre-leased commercial assets. Around 70% of the transaction
closed this year are in pre-leased assets," says Rajeev
Bairathi, director-investment advisory at DTZ India.
