Blackstone Real Estate Partners to Invest in Synergy

Bangalore, April 28, 2008: Blackstone Real Estate Partners, an affiliate of The Blackstone Group L.P. (NYSE: BX) announced today that it agreed to invest approximately $18 million for a minority stake with board representation in Synergy Property Development Services Private Ltd.

Formed in 2003, Synergy is now one of the top project and construction management companies in India and currently has over 500 employees across 9 Indian offices, with international offices in Dubai and Kuala Lumpur. Synergy, which is based out of Bangalore, has delivered over 20 million square feet of real estate and is presently managing over 100 million square feet across various asset classes including office, retail, residential, hotels and hospitals. The company also has plans to expand into infrastructure projects such as airports.

Synergy specializes in architectural design and fitouts, complete project management and turnkey contracts. The company’s forte is managing the entire process from start to finish and ensuring timely project delivery. Its portfolio of projects include well known developments such as the Medicity in Gurgaon, India’s largest hospital cluster development, Select Citywalk, a premium retail development in Delhi, the HCC-ICICI Tech Park and Runwal Town Centre in Mumbai, the Park Hyatt hotel in Chennai, and the Manyata Business Park and Embassy Golf Links in Bangalore, two of the largest and most successful business parks in India.

Sankey Prasad, Managing Director of Synergy said, “Started by a group of young architects and engineers, Synergy has created a leading position in the market by tying our success in the design and project management of large, prestigious projects to the delivery of top quality construction on time and on budget. With a qualified, proactive and experienced staff base, and aided by industry leading retention rates of our staff, the strength of Synergy is in its people.” Chad Pike, Senior Managing Director and London-based co-head of Blackstone’s real estate group, said, “We are excited to be doing this innovative deal and about teaming up with the best project manager in India as we build our business in the region. In the longer term, we believe there will be attractive real estate investment opportunities that follow from this partnership.” Tuhin Parikh, Managing Director of Blackstone’s real estate group in Mumbai added, “We look forward to using Blackstone’s global platform to support the continued growth of Synergy as it delivers on its long-term growth plan.”

Sankey Prasad commented, “Our vision for partnering with Blackstone is to combine our individual strengths and build a strong platform to deliver world class products in the Indian and global real estate market. In addition, part of the proceeds from this transaction will make possible a wealth creation and retention program for each and every employee of Synergy, so that we can continue to foster our entrepreneurial culture as we grow.”

About The Blackstone Group

The Blackstone Group L.P. is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds. The Blackstone Group L.P. also provides various financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.

Blackstone’s Real Estate group numbers more than 60 investment and asset management professionals with broad experience across most real estate categories, including hotels, office, residential, retail, and other commercial properties. The group has completed more than 225 separate investments in North America and Europe with a total transaction value of approximately $132 billion since 1992. Most recently the group opened offices in Tokyo, Hong Kong and Mumbai to expand Blackstone’s real estate business in Asia, and closed Blackstone Real Estate Partners VI with capital commitments totalling $10.9 billion, creating the largest real estate opportunity fund ever raised. Further information is available at


Synergy Property Development Services Pvt. Ltd.
First Floor, “Pine Valley”
Embassy Golf Links Business Park
Off Intermediate Ring Road
Bangalore, India 560 071
Tel: +91 80 4112 0425 – 26

Sophia Harrison
The Blackstone Group
Tel: +44 (0)20 7451 4295
[email protected]

Vinod Moorthy
IPAN Public Relations and Public Affairs
Tel: +91 98 2104 6806
[email protected]