Blackstone Real Estate Partners, an affiliate of the New York-based Blackstone Group has announced its decision to invest $18 million (Rs 72 crore) in Synergy Property Development Service Private Limited.

This is the first investment of Blackstone Real Estate Partners International II fund in India and it will pick up 35 % stake in Synergy including the right to have representation in the board.

Bangalore based Synergy Property specializes in architectural design and project management. The company has more than 500 employees working at nine Indian offices, with international offices in Dubai and Kuala Lumpur, Malaysia.

The company has delivered over 20 million square feet of real estate and is currently managing over 100 million square feet across various asset classes.

The Gurgaon Medicity, Select Citywalk, a premium retails development in Delhi, Park-Hyatt hotel in Chennal etc. are some of the projects executed by the company so far.