Goldman Sachs Exits Bangalore Four season Property and Luxury Home Residence

Goldman Sachs Exits Bangalore Four season Property and Luxury Home Residence

By SiliconIndia   |   Tuesday, October 7, 2014
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Bangalore : The Global private equity giant Blackstone Group and Indian developer Embassy Property Developments have jointly acquired a 73 percent stake of private equity major Goldman Sachs, in Bangalore-based City View Bangalore Properties comprising of Four seasons Hotel and a Luxury Home Development for an unrevealed amount after several failed attempts of RMZ Corp, Prestige Group, Raheja Corp, Nitesh Estates and Oberoi Realty.

The remaining 27 percent of the stake is owned by West court and Dayanand Pai-controlled Century Real Estate Holdings Pvt Ltd, which is developing India’s second most four season hotel on a 6.5 acres with blend of private luxury residences.

The Consultant firm J Sagar Associates (JSA) has confirmed the bid of Goldman where a corporate law firm of Banglore Amarchand Mangaldas advised Embassy and Black stone while the Blackstone was represented by Simpson Thacher and Bartlett.  In the garden city, Bangalore City View is building a Canada’s four season hotel in a mixed use format besides high end apartments and offices.

The lifestyle project of a 1 million sq ft is located in a fast developing Bangalore northern suburb Hebbal which is proximity to Bangalore International Airport, it includes 230 rooms of the Four Seasons hotel, 110 luxury branded apartments, 60,000 sq ft of luxury retail spaces and 1, 50,000 sq ft of office space. Bollywood Actress Deepika Padukone and Infosys cofounders have invested over $1 million in four seasons branded abodes.

As per the Mint report, the deal has been esteemed around Rs 630 crore where White fund attained the stack for Rs 500 crore in 2009. Preceding month, Shapoorji Pallonji & Co Ltd a construction company issued a public notice for disconnecting the power supply and abandoning the project site.

In 2012, Black stone amalgamated Embassy group for joint investment in properties, which manages 15 million sq ft of office parks across Bangalore and Pune. Last year, they purchased a majority stack in a large business park - Vrindavan Tech Park in Bangalore.Till date, Blackstone spent $1 billion and lapping up iconic commercial office spaces in the country.

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