Global investors such as CPPIB, GIC and Brookfield, among others, have put in bids for an infotech park (IT park) put on the block by global Investment firm Blackstone in Hinjewadi area of Pune, sources said.

Blackstone is selling its 1.5-million-sq ft BlueRidge special economic zone (SEZ) it had Bought from private equity fund manager IDFC Alternatives in 2014, along with the 1.3-million-sq ft Galaxy IT Park in Noida, for Rs 900 crore. Though the valuation sought by Blackstone is not known, the investment firm is looking at cap rates below eight per cent, sources said.

Cap rate is the rate of return on a real estate investment based on the income the property is expected to generate.

“The logic is that since the leases were signed seven to eight years ago, they were leased at 20-25 per cent lower rates compared to today’s rents. And potential buyers can have an upside,” a source said.

Blackstone is also looking to sell Galaxy IT Park in Noida and another IT SEZ it bought from DLF in Pune, sources said, though it has received lesser bids for its other property in Pune.

Morgan Stanley is believed to be handling the transactions. “The properties are not part of its joint ventures,” said the source.

Blackstone’s plan to sell its office complexes comes at a time when two of its partners — Embassy and Panchshil — are gearing up for real estate investment trusts (REITs). Blackstone also holds a 15 per cent stake in the rental assets of K Raheja Corp, which could also tap this instrument, sources said.

The Blackstone-Embassy venture has deferred its plans to file a draft red herring prospectus for its REIT. It could raise $600 million through it. Blackstone and its partners own over 70 million sq ft of office assets and are the largest office owners in the country.

Besides Blackstone, CPPIB, Brookfield and GIC have also bought several commercial properties in the country in recent years. Brookfield has bought the commercial properties of Hiranandani group in Powai area of Mumbai for over $1 billion. GIC had bought promoters stake in commercial property arm of DLF, the country’s largest developer, for Rs 9,000 crore.