Global private equity major Blackstone on Tuesday announced that it will divest 50% in Synergy Property Development Services (Synergy) through a buyback arrangement to Sankey Prasad, chairman and managing director of the firm.
Bangalore-based real estate project management consultancy Synergy was among the early investments of Blackstone’s real estate group in India and Blackstone has been a stakeholder in the firm since 2008.
Post buyback, promoters of Synergy will hold a majority share in the company.
“During the course of our investment, Synergy has delivered 62 million sq ft across marquee projects and has seen operations grow from three countries to across 10 countries. We remain proud of our association with Synergy which has grown to be one of the largest project management companies in the country,” said Tuhin Parikh, senior managing director at Blackstone.
Established in 2003 by Prasad, Synergy today has over 25 offices worldwide that provides project management and engineering consulting services across areas including IT/SEZ/business parks, hotels, multi-specialty hospitals, premium residential, industrial parks, data centres and retail mixed-use developments.
The firm has also set its footprint overseas and is managing key projects in locations like Serbia, UAE, Rwanda, Tanzania, Mozambique, Montenegro, Nepal, Sri Lanka, Malaysia among others. It has a workforce of over 900 professionals working in offices across India, Middle East, Africa and South Asia.
“Our clients have manifested their confidence in Synergy through 100% repeat orders. Our shareholders including Blackstone believe in our growth and continue to remain invested,” said Sankey Prasad, chairman and managing director, Synergy.
Some of Synergy’s key projects in India include The Medicity in Gurgaon, Select Citywalk in New Delhi, 247 Park in Mumbai, Park Hyatt in Chennai, and Embassy Golf Links Business Park n Bangalore. It counts Tata Consultancy Services, iGATE, Ingersoll Rand, Accenture, and Huawei as its clients.
Blackstone’s real estate business was founded in 1991 and has approximately $93 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America.