February 23, 2024
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Prestige Estates signs agreement with Blackstone

Prestige Estates signs agreement with Blackstone to sell 12 completed assets

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About Prestige Group Bangalore News In November last year, the Bengaluru-based firm had signed term sheet to sell an outsized portfolio of completed also as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore.

NEW DELHI: Realty firm Prestige Estates Projects on Tuesday said it’s signed definitive agreements with global investment company Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties within the first phase of Rs 9,160-crore deal. About Prestige Group Bangalore News In November last year, the Bengaluru-based firm had signed term sheet to sell an outsized portfolio of completed also as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore. the corporate will use the fund to retire its debt and future expansion.

About Prestige Group Bangalore News

In a regulatory filing, Prestige Estates Projects informed that the corporate on Tuesday executed the asset specific agreements or definitive documents with ‘BREP Acquirers’ (Backstone entities) purchasable of twelve assets/undertakings comprising of completed retail, office and hotel assets as phase I clinical trial of the proposed transaction.

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“Upon consummation of the transactions contemplated within the Definitive Documents, further intimation are going to be made to the stock exchanges,” it said. Sources had earlier said that promoters have separately sold solar park for around Rs 800-900 crore, taking the entire deal size to around Rs 10,000 crore. In November filing, Prestige group had shared the list of assets to be sold under this deal. This includes sale of up to 100 per cent stake in six entities holding completed office assets and 85-87 per cent stake in nine entities owning nine malls.

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Up to 50 per cent of the rights and interest in four entities owning under-construction office assets also will be sold. That apart, Prestige will sell out to 85 per cent in its hotel Oakwood Residences and up to 100 per cent in hotel Aloft. Sources had said that the entire asset portfolio proposed to be acquired by Blackstone is around 21 million square foot , including completed and under-construction commercial projects.

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