Funds managed by Blackstone have announced that they will divest 50 per cent of their investment in Synergy Property Development Services (Synergy) through a buyback arrangement to Sankey Prasad, the Chairman and Managing Director of the firm.
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. The buyback from Blackstone takes the promoter and employee share in Synergy to a majority.