Global private equity player Blackstone today said it would divest 50 per cent of its stake in Synergy Property Development Services (Synergy) to the project management firm's promoter and CMD Sankey Prasad.
Synergy was among the early investments of Blackstone's real estate group in India and the private equity company has been a stakeholder in the firm since 2008.
After buying back stake from Blackstone, the promoter and employees of the company would have a majority shareholding in Synergy, Blackstone said in a statement.
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"During the course of our investment, Synergy has delivered 62 million sq ft across marquee projects and has seen operations grow from 3 countries to across 10 countries," Blackstone Senior Managing Director Tuhin Parikh said.
Commenting on the divestment, Prasad said, "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."
Established in 2003, Synergy has over 25 offices worldwide that provide project management and engineering consulting capabilities across various asset classes and specialises in services like architectural design, design and build solutions and advisory services.
