India: PE major Blackstone sells half of its holdings in Synergy Properties to promoter Sankey Prasad

Visual from Blackstone website

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.

Also Read: India: Blackstone part-exits real estate firm Synergy Property

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India: Blackstone to increase shareholding in Gateway Rail Freight

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.