Blackstone?Scaling up Nucleus Office Parks

Blackstone Group LP is scaling up Nucleus Office Parks, an entity that will house its commercial office assets with rental income, to consolidate all its fully-owned properties under a single entity. Nucleus Office Parks, which currently has a few properties that Blackstone bought on its own, will expand once the latter buys nearly 16 million sq. ft of commercial assets from Bengaluru-based Prestige Group. Blackstone is in advanced talks with Prestige to buy rental income assets, including mostly office space, but also a few malls and hotels, for around $1.6 billion. Once the buyout is complete, a number of Prestige’s office parks and buildings will come under Nucleus. Nucleus Office Parks will become the commercial office equivalent of Blackstone’s subsidiary Nexus Malls that houses its shopping malls in India. A number of shopping malls of Prestige, as part of the deal with Blackstone, will become a part of Nexus. Currently, Nucleus Office Parks has assets such as One International Center (formerly Indiabulls Finance Centre), One World Center (formerly One Indiabulls Centre) and One BKC in Mumbai.