Blackstone all set to buy Adani Realty's BKC office tower for Rs 2,000 cr

The US-based private equity major Blackstone Group is currently engaged in advanced negotiations to acquire Inspire BKC, a commercial real estate project developed by Adani Realty, the Economic Times (ET) reported, citing sources. Blackstone is expected to invest between Rs 1,800 crore and Rs 2,000 crore in this acquisition, the report claimed. The project is situated on the periphery of Mumbai's vibrant business hub, the Bandra-Kurla Complex (BKC), and comprises a tower spanning 800,000 square feet.The report added that Adani Group's real estate division has been exploring options to monetise this 10-storey office tower for several years. Previous discussions have taken place with both international and domestic investors, including Brookfield India and Shapoorji Pallonji Investment Advisors.Blackstone Group had previously expressed interest in purchasing the property. However, ET quoted sources as saying discussions were halted due to the onset of the Covid-19 pandemic in 2020 and uncertainties regarding office space demand. The office tower's current key tenants include Novartis, Reliance Nippon Life Insurance, Ascendas-Firstspace Development Management, and MUFG Bank.