Bangalore, Apr 28:Blackstone Real Estate Partners, an affiliate of The Blackstone Group L.P. announced that it agreed to invest approximately 18 million dollars for a minority stake with board representation in Synergy Property Development Services Private Ltd.
Formed in 2003, Synergy is now one of the top projects and construction management companies in India and currently has over 500 employees across nine Indian offices, with international offices in Dubai and Kuala Lumpur.
Synergy, which is based out of Bangalore, has delivered over 20 million square feet of real estate and is presently managing over 100 million square feet across various asset classes including office, retail, residential, hotels and hospitals.
The company also has plans to expand into infrastructure projects such as airports.
Synergy specializes in architectural design and fitouts, complete project management and turnkey contracts.
The company's forte is managing the entire process from start to finish and ensuring timely project delivery.
Its portfolio of projects include well known developments such as the Medicity in Gurgaon, India's largest hospital cluster development, Select Citywalk, a premium retail development in Delhi, the HCC-ICICI Tech Park and Runwal Town Centre in Mumbai, the Park Hyatt hotel in Chennai, and the Manyata Business Park and Embassy Golf Links in Bangalore, two of the largest and most successful business parks in India.
Sankey Prasad, Managing Director of Synergy said, "Started by a group of young architects and engineers, Synergy has created a leading position in the market by tying our success in the design and project management of large, prestigious projects to the delivery of top quality construction on time and on budget. With a qualified, proactive and experienced staff base, and aided by industry leading retention rates of our staff, the strength of Synergy is in its people."
Chad Pike, Senior Managing Director and London-based co-head of Blackstone's real estate group, said, "We are excited to be doing this innovative deal and about teaming up with the best project manager in India as we build our business in the region. In the longer term, we believe there will be attractive real estate investment opportunities that follow from this partnership."
Tuhin Parikh, Managing Director of Blackstone's real estate group in Mumbai added, "We look forward to using Blackstone's global platform to support the continued growth of Synergy as it delivers on its long-term growth plan."
Sankey Prasad said, "Our vision for partnering with Blackstone is to combine our individual strengths and build a strong platform to deliver world class products in the Indian and global real estate market. In addition, part of the proceeds from this transaction will make possible a wealth creation and retention program for each and every employee of Synergy, so that we can continue to foster our entrepreneurial culture as we grow."