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Real estate company DLF Ltd is understood to have sold the second phase of its IT Park at Hinjewadi in Pune to private equity firm Blackstone for around ₹200 crore, people familiar with the development said.
The second phase of the park is spread over 2.9 million sq feet and is under development.
Blackstone did not respond to emails while DLF said it does not comment on market speculation.
Sources in DLF, however, indicated that talks were on but the deal has not yet been concluded.
DLF has a land bank of about 295 million sq feet of which 50 million sq ft is under development. The Delhi-based developer and joint venture partner Hubtown had earlier sold the developed and leased 1.8 million sq-ft phase one of the facility to Blackstone for ₹810 crore.
DLF has been exiting non-core ventures to pare its debt, which aggregated to ₹20,336 crore as on December-end 2014.
Blackstone has been preparing for a Real Estate Investment Fund (REIT) offering in India and has been making acquisitions to build the country’s largest commercial real estate portfolio of around 29 million sq ft. It is seeking to list India’s first REIT in the second quarter of FY-16.
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