Prestige Group Big Ticket Deal with Blackstone
Prestige group is in advance discussion with global investment firm Blackstone to sell its various commercial assets for an estimated Rs 12,000-13,500 crore as part of its strategy to clear debt and achieve future growth. The big-ticket deal is likely to be concluded during this quarter, and if con
Published -
Aug 11, 2020 4:45 AM
Prestige group is in advance discussion with global investment firm Blackstone to sell its various commercial assets for an estimated Rs 12,000-13,500 crore as part of its strategy to clear debt and achieve future growth. The big-ticket deal is likely to be concluded during this quarter, and if concluded successfully, will be the largest ever in terms of valuation. Bengaluru-based Prestige Estate proposes to sell around 8 million sq ft of completed office parks and nine operational malls comprising 4 million sq ft, sources said. The Prestige group may also sell 50 per cent stake in about 3-4 million of office projects under construction. The portfolio size is 16 million sq ft of office parks, nine malls and two hotels valued at around USD 1.6-1.8 billion. The term sheet has been signed between the two parties and deal is likely to be concluded in the current quarter. Prestige group top officials could not be contacted. Blackstone declined to comment. These assets are located in Bengaluru, Chennai and Hyderabad. Prestige Estates, which is a listed entity, will utilise the proceeds from this proposed transaction to clear its debt that currently stands at over Rs 8,000 crore. It will also focus on the development of over 30 million sq ft of commercial portfolio for future growth of the company.
Tags : News/Views