Blackstone, Xander eye Tata's Goregaon IT Park

Xander Group and US-based private equity fund Blackstone Group in consortium with Pune-based developers Panchsil Developers have been showing some interest in Tata Realty & Infrastructure Limited’s (TRIL) IT Park in Goregaon, Mumbai, say sources.

Tata Realty & Infrastructure, who owns the property, put it on the block in June 2013.  The IT Park’s total saleable area is about 780,000 sq. ft. and the owner is looking to fetch about Rs 900 crore from the sale transaction. Tata Realty is the infrastructure development arm of the Tata Group.

It is learnt that property consultant Jones Lang Lasalle is advising the transaction and is currently conducting the due diligence which is expected to complete by end of February 2014.

TRIL acquired this property from Kotak Realty Fund for Rs 525 crore back in March 2011 and is presently controlled via special purpose vehicle, Peepul Tree Properties.