Blackstone-GIC talks over property deal break down: report

Talks between Singapore’s sovereign wealth fund GIC and global asset manager Blackstone Inc over the sale of some commercial real estate assets that Blackstone owns jointly with the Panchshil Group and Salarpuria Sattva have broke down over valuation issues.Blackstone had put on the block half of the real estate assets valuing them at around USD 4 billion. Properties that are part of the sale have a leasable area of 26 million sq ft. Projects with Panchshil include Eon Free Zone, Tech Park One, a 415-key JW Marriott hotel, and Pavilion Mall. Projects with Salarpuria in Hyderabad that are up for sale are Knowledge City and Knowledge Capital.