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US private equity firm Blackstone Group and Pune-based developer Panchshil Realty are in the final stage of buying out the Express Towers building in Nariman Point, Mumbai, for about Rs 900 crore. The deal could be concluded in the first week of December, according to a person privy to the development.
The 25-storey Express Towers, commissioned by Express Group founder Ramnath Goenka, is 49 per cent owned by ICICI Ventures, the private equity arm of ICICI Bank. The rest is held by the Indian Express Group.
It is home to several tenants, including Blackstone, Bank of America Merrill Lynch, Temasek Holdings, McKinsey, Warburg Pincus, AZB Partners, General Atlantic Company, and restaurants.
After building a commercial portfolio of about 17 million square feet in Pune, Panchshil Realty is looking to expand its commercial footprint in Mumbai. Similarly, Blackstone, too, has been looking to expand its commercial portfolio.
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