New Delhi, Sept. 4 -- Blackstone, one of the biggest investors and owners of real estate in the country, has elevated Tuhin Parikh, head of real estate - India, to the role of vice chairman, real estate Asia and executive chairman, real estate India.
Asheesh Mohta has stepped into Tuhin's role as head of real estate, India after serving as head of real estate acquisitions, India, as per a statement by the company.
Parikh will continue to report to Christopher 'Chris' Heady, chairman of APAC & head of real estate, Asia and Asheesh will report to Tuhin.
This is part of broader changes in Blackstone's APAC real-estate business, as per the statement.
Blackstone is one of the largest investors in the country with over $50 billion (around Rs 4.4 lakh crore) assets under management since inception, 20% of which is in real estate.
It has presence across a wide range of asset classes in the country. It is the largest owner of commercial space in the country. Its retail portfolio is listed under Nexus Select, a listed real estate investment trust (REIT) focused on malls. Its logistics and warehousing portfolio is housed under Horizon Industrial parks, hotels assets under Ventive Hospitality and data centres under the Lumina CloudInfra platform. It has investment across residential assets as well.
Blackstone, under the leadership of Parikh and Mohta, has paved the way for REITs in the country and taken four REITs to the public market, the latest being Knowledge Realty Trust, co-sponsored by Blackstone and Sattva Group.
It has also taken its hospitality arm Ventive Hospitality, a joint venture with Panchshil Realty, public in the recent past.
As reported by VCCircle, it is also in the process of adding another trust to its REITs portfolio. It has backed realty player Bagmane Group and finalising process to take it to the public market though the REIT way.
Published by HT Digital Content Services with permission from VC Circle.