EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Since he had the support of Blackstone's large balance sheet, they picked up good assets at discounted price," said a former colleague of Parikh, who did not wish to be named. When everybody stopped, he started when the markets were down,” said Atul Chordia, chairman of Pune-based realty firm Panchshil Realty, which tied up with Blackstone to buy Express Towers In Mumbai. Last Updated at December 25, 2014 02:41 IST. Although reports have emerged that Blackstone has already started work of bringing all its assets under a Reit, those close to the PE giant say it will do so only after the government gives tax breaks to Reits. he has steered Blackstone’s real estate arm into sealing attractive deals with leading developers in the commercial property space. You may use these HTML tags and attributes: Suvitha Farms , Luxury Gated Farm Lands for sale in Hyderabad. Email: alumni@iima.ac.in. Cushman & Wakefield’s managing director Sanjay Dutt, who has known Parikh for many years, says he is the only private equity executive who saw opportunity in office properties and invested a lot in that space. "Parikh has done so many deals at the right time. Experts say this investment by Blackstone, which manages $80 billion of real estate assets globally, has become its vehicle for studying Indian real estate market. Of these, Blackstone has invested US$6.27 billion in office space while others are in malls and residential spaces. “Parikh has done so many deals at the right time. During the boom years of Indian real estate between 2005 and 2008, when billions of dollars of foreign funds were invested in Indian realty, Blackstone invested only Rs 35 crore (Rs 350 million) for a 35 per cent stake in Bangalore-based Synergy Property Development Services (April 2008). deeper with our readers, we have relaunched ourselves under the name This is one of the biggest institutionally held portfolios of office assets in India and is also cited as the largest in Asia per square footage. When other people were investing, he was quietly watching. Since joining Blackstone in 2007, Mr. Parikh has been involved in identifying and evaluating Indian real estate in several sectors and completing significant transactions in business park developments and Class A office space plus listing India’s first […] Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Cushman & Wakefield’s managing director Sanjay Dutt, who has known Parikh for many years, says he is the only private equity executive who saw opportunity in office properties and invested a lot in that space. Your Reason has been Reported to the admin. In this euphoric environment, Blackstone Group brought in Tuhin Parikh, then CEO of TCG Urban Infrastructure, to head the real estate operations. In the Indian realty circles, Tuhin Parikh is often referred to as the man who spotted opportunity in the office properties space. The latest acquisition of Blackstone is 3C group’s IT SEZ in the national capital region for Rs 625 crore (Rs 6.25 billion). “He was intelligent enough to form joint ventures with developers across the country like Jeetu Virmani of Embassy in South, Panchshil in West and now focusing on North. Kindly visit the Manage my subscription page to discover the benefits of this programme. Prior to joining Blackstone, he was the CEO of TCG Urban Infrastructure Holdings, a national level office developer and asset owner in India. View Tuhin Parikh’s professional profile on LinkedIn. US private equity (PE) major Blackstone's real estate team in India seems to be following a different strategy compared to its peers. An alumnus of Maneckji Cooper School in Mumbai, he introduced bowling to Mumbai when he was director of Galaxy Entertainment. Hyderabad has become the center for the growth of IT, our project is strategically located 9kms before kempegowda internatinao airport in nort bangalore ; the exclusive part of bangalore where. (From left)Tuhin Parikh, senior MD & head of Real Estate, Blackstone India and Amit Dixit, senior MD & head of PE, Blackstone India Image: Aditi Tailang An alumnus of Maneckji Cooper School in Mumbai, he introduced bowling to Mumbai when he was director of Galaxy Entertainment. According to Chordia, Tuhin’s team takes time to take a decision on investments but once they decide, they act pretty fast. Parikh & Blackstone scripted a gold rush into the country’s rent-yielding office spaces, which saw blue-chip investors and sovereign wealth managers. “Tuhin (Parikh) is a sharp analyst who can read the market correctly. Of these, Blackstone has invested US$6.27 billion in office space while others are in malls and residential spaces. The latest acquisition of Blackstone is 3C group's IT SEZ in the national capital region for Rs 625 crore. Tuhin Parikh is a Senior Managing Director based in Mumbai, and leads Blackstone’s real estate operations in India. said Dutt. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. This will alert our moderators to take action. "Tuhin (Parikh) is a sharp analyst who can read the market correctly. We make sure Since joining Blackstone in 2007, Mr. Sawhney started Blackstone Capital Markets and also served as the Chief Operating Officer of the Private Equity group. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. "Tuhin (Parikh) is a sharp analyst who can read the market correctly. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. been the bridge between Campus and its former students. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. When everybody stopped, he started when the markets were down," said Atul Chordia, chairman of Pune-based realty firm Panchshil Realty, which tied up with Blackstone to buy Express Towers In Mumbai. that you remain a part of us wherever you are in life now. Download The Economic Times News App to get Daily Market Updates & Live Business News. US private equity (PE) major Blackstone’s real estate team in India seems to be following a different strategy compared to its peers. During the boom years of Indian real estate between 2005 and 2008, when billions of dollars of foreign funds were invested in Indian realty, Blackstone invested only Rs 35 crore for a 35 per cent stake in Bangalore-based Synergy Property Development Services (April 2008). Mumbai  He also led the launch of India’s first real estate investment trust (REIT) with local partner Embassy Group in April 2019. WIMWIAN, thus becoming one with our readers. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. The latest acquisition of Blackstone is 3C group’s IT SEZ in the national capital region for Rs 625 crore. In the aftermath of the Lehman Brothers crisis in 2008, when many US PE funds in real estate wound up and foreign fund flow slowed in Indian property, Blackstone steadily increased its investments in Indian real estate, investing about $1.5 billion in Indian real estate, making it the biggest owner of office properties in the country.

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