Blackstone to tighten grip on India’s real estate with ₹417 cr Kolte Patil deal

In a bold move, global private equity giant Blackstone is gearing up to secure a 14.3% stake in Kolte Patil Developers through a preferential allotment route. The deal, orchestrated via BREP Asia III Holding Co, marks Blackstone’s footprint expansion in India’s real estate market.

The company has also made an announcement of an open offer to acquire 26% stake in the Pune-based developer. As part of the agreement, BREP Asia III Holding Co is set to subscribe to 1.26 lakh equity shares of Kolte Patil Developers. Each share, carrying a face value of ₹10, will be issued at a price of ₹329 per share, bringing the total transaction to ₹417.03 crore.

Reportedly, the company has scheduled an extraordinary general meeting on April 10, where shareholders will have their say on the transaction.

The promoters consist of a strong lineup of industry stalwarts and family stakeholders, including Rajesh Anirudha Patil, Naresh Anirudha Patil, Milind Digambar Kolte, Sunita Rajesh Patil, Vandana Naresh Patil, Sunita Milind Kolte, Yashvardhan Rajesh Patil, Ankita Rajesh Patil, Harshavardhan Naresh Patil, and Priyanjali Naresh Patil.

Once the preferential allotment is completed and shares from existing stakeholders change hands, BREP Asia III Holding Co will officially step into the promoter category at Kolte Patil Developers. This shift hands Blackstone joint control of the real estate firm, placing it alongside the company’s current promoters in shaping its future.

As one of India’s largest commercial space owners, Blackstone has made its presence felt across towering office buildings to bustling shopping malls and has more recently extended its footprints in data centres as well.

Kolte-Patil Developers has carved its niche in both residential and commercial projects, with a strong presence across Pune, Mumbai and Bengaluru. The company reported ₹349.7 crore in revenue for Q3 FY25, fuelled by higher deliveries, while revenue for the nine months ending December 2024 surged to ₹998.7 crore. Net profit stood at ₹25.3 crore for the December quarter and ₹41.3 crore for the nine-month period.

Reportedly, the company is setting up for an ambitious Gross Development Value (GDV) ₹5,000 crore worth project launch in FY25. Adding to its pipeline, the company recently signed a 22 acre joint development deal in Pune, with an expected GDV of ₹4,000 crore and a potential saleable area of 5 million sq. ft.