Blackstone divests 50% investment in Synergy Property

Blackstone has decided to divest 50 per cent of its investment in Bengaluru-based Synergy Property Development Services (Synergy) to Sankey Prasad, the chairman and managing director of Synergy, through a buyback arrangement.

Synergy was among the early investments of Blackstone’s real estate group in India and Blackstone has been a stakeholder in the firm since 2008. This buyback from Blackstone takes the promoter and employee share in Synergy to a majority, a release said.

Synergy was established in Bengaluru in 2003, by Sankey Prasad. The company has over 25 offices worldwide that provides project management and engineering consulting capabilities across various asset classes such as IT/SEZ/business parks, hotels, multi-specialty hospitals, premium residential, industrial parks, data centres and retail mixed-use developments. Synergy’s specialist capabilities cover project management, architectural design, design and build solutions and advisory services.

Some of Synergy’s key projects include Medanta – The Medicity (Gurgaon), Select Citywalk (New Delhi), 247 Park (Mumbai), Park Hyatt (Chennai), Embassy Golf Links Business Park (Bengaluru), Vision City (Rwanda). The company has also become a preferred partner for development for corporate clients such as Tata Consultancy Services, iGATE, Ingersoll Rand, Accenture, Huawei, etc.

“The people capital at Synergy is par excellence and I believe and trust that together we will continue to build and deliver world-class projects. Our clients have manifested their confidence in Synergy through 100 per cent repeat orders. Our shareholders, including Blackstone, believe in our growth and continue to remain invested,” Synergy Property Development Services chairman and managing director Sankey Prasad said.