India is a story of patience for Blackstone. When we set up our office in 2007, we rightly thought that the India real estate market was overheated.
As such, we waited and sought to identify opportunities to acquire high-quality real estate assets at good prices.
Blackstone started investing in India at scale in 2011 with a focus on high-quality office parks. Fast forward to today and Blackstone is the largest owner of office buildings in the country.
To help make sure those investments were successful, it was critical for Blackstone to find the best office developers in those locations. Accordingly, in Bangalore, we partnered with the Embassy Group, which is by far the largest office developer/owner in that city and southern India. In Pune and Mumbai, in western India, we worked with Panchshil, another high-quality, high-growth developer.
“We have always aspired to build Grade-A assets. Blackstone, they support my vision. They give me a proper guidance about what is happening globally, what will happen to India.”
- Atul Chordia, Chairman of Panchshil Realty
“I don't know of many firms which are so accessible. They are quick in their decision-making and together we've built a strong team.”
- Jitu Virwani, Chairman and Managing Director of Embassy Group
By bringing decades of international experience and our global expertise in office real estate, we were able to help our partners better understand how to market properties or think differently about tenant relationships.
We believe we've built a really world-class business in India and that's given us strong credibility and great insights into the market.
Beyond office buildings in India, we see similar trends in the mall business. There is a relatively small number of high-quality, large-scale enclosed malls in India. And yet, we think there’s tremendous demand from Indian customers who want a first-class retail experience.
It's what Blackstone tries to do with its business around the globe – look at the world in a differentiated way, find the right people to execute against our strategy, and then go all in.
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