Blackstone to buy $250-mn stake in Raheja rental arm

PE behemoth beats Warburg Pincus, Temasek for 15%

In a move that further strengthens its position in office properties, private equity giant Blackstone is set to buy a 15 per cent stake in the office holding company of K Raheja Corp, one of the largest developers of information technology parks in the country, said a source in the know. The deal is believed to be of around $250 million (Rs 1,700 crore), valuing the company at $1.6 billion.

Blackstone and Raheja had signed an in-principle agreement on the deal and giving final touches to it, said the source.

Blackstone, which is the biggest owner of office properties, has