Blackstone Real Estate Partners to Invest in Synergy, India's Leading Development...

Blackstone Real Estate Partners to Invest in Synergy, India's Leading Development / Project Management Firm

BANGALORE, India--(Business Wire)--
Blackstone Real Estate Partners, an affiliate of The Blackstone
Group L.P. (NYSE: BX) announced today that it agreed to invest
approximately $18 million for a minority stake with board
representation in Synergy Property Development Services Private Ltd.

Formed in 2003, Synergy is now one of the top project and
construction management companies in India and currently has over 500
employees across 9 Indian offices, with international offices in Dubai
and Kuala Lumpur. Synergy, which is based out of Bangalore, has
delivered over 20 million square feet of real estate and is presently
managing over 100 million square feet across various asset classes
including office, retail, residential, hotels and hospitals. The
company also has plans to expand into infrastructure projects such as
airports.

Synergy specializes in architectural design and fitouts, complete
project management and turnkey contracts. The company's forte is
managing the entire process from start to finish and ensuring timely
project delivery. Its portfolio of projects include well known
developments such as the Medicity in Gurgaon, India's largest hospital
cluster development, Select Citywalk, a premium retail development in
Delhi, the HCC-ICICI Tech Park and Runwal Town Centre in Mumbai, the
Park Hyatt hotel in Chennai, and the Manyata Business Park and Embassy
Golf Links in Bangalore, two of the largest and most successful
business parks in India.

Sankey Prasad, Managing Director of Synergy said, "Started by a
group of young architects and engineers, Synergy has created a leading
position in the market by tying our success in the design and project
management of large, prestigious projects to the delivery of top
quality construction on time and on budget. With a qualified,
proactive and experienced staff base, and aided by industry leading
retention rates of our staff, the strength of Synergy is in its
people."

Chad Pike, Senior Managing Director and London-based co-head of
Blackstone's real estate group, said, "We are excited to be doing this
innovative deal and about teaming up with the best project manager in
India as we build our business in the region. In the longer term, we
believe there will be attractive real estate investment opportunities
that follow from this partnership." Tuhin Parikh, Managing Director of
Blackstone's real estate group in Mumbai added, "We look forward to
using Blackstone's global platform to support the continued growth of
Synergy as it delivers on its long-term growth plan."

Sankey Prasad commented, "Our vision for partnering with
Blackstone is to combine our individual strengths and build a strong
platform to deliver world class products in the Indian and global real
estate market. In addition, part of the proceeds from this transaction
will make possible a wealth creation and retention program for each
and every employee of Synergy, so that we can continue to foster our
entrepreneurial culture as we grow."

About The Blackstone Group

The Blackstone Group L.P. is a leading global alternative asset
manager and provider of financial advisory services. Its alternative
asset management businesses include the management of corporate
private equity funds, real estate funds, funds of hedge funds,
mezzanine funds, senior debt vehicles, proprietary hedge funds and
closed-end mutual funds. The Blackstone Group L.P. also provides
various financial advisory services, including corporate and mergers
and acquisitions advisory, restructuring and reorganization advisory
and fund placement services.

Blackstone's Real Estate group numbers more than 60 investment and
asset management professionals with broad experience across most real
estate categories, including hotels, office, residential, retail, and
other commercial properties. The group has completed more than 225
separate investments in North America and Europe with a total
transaction value of approximately $132 billion since 1992. Most
recently the group opened offices in Tokyo, Hong Kong and Mumbai to
expand Blackstone's real estate business in Asia, and closed
Blackstone Real Estate Partners VI with capital commitments totalling
$10.9 billion, creating the largest real estate opportunity fund ever
raised. Further information is available at www.blackstone.com.

Synergy Property Development Services Pvt. Ltd.
Tel: +91 80 4112 0425 - 26
www.synergyind.com
or
The Blackstone Group
Sophia Harrison, +44 (0)20 7451 4295
harrison@blackstone.com
or
IPAN Public Relations and Public Affairs
Vinod Moorthy, +91 98 2104 6806
Vinod.Moorthy@ipan.com

Copyright Business Wire 2008