Prestige Estates signs deal with Blackstone for stake sale in firm’s assets

Real property participant Prestige Estates has signed a deal with personal fairness main Blackstone Group for stake sale in among the firm’s industrial, retail and lodge properties.

Though Prestige has not disclosed the deal quantity, the US-based PE fund supervisor might purchase the corporate’s assets value $2 billion (over Rs 14,000 crore).

According to a NSE submitting, Prestige Estates has signed a non-binding letter of intent with Blackstone and the transactions will probably be consummated by a mix of main investments, secondary transactions, joint ventures or such different modes, as could also be mutually agreed between the events.

While Blackstone is seeking to purchase 20 million sq ft of economic house, together with 16 million sq ft of prepared and utterly leased assets of Prestige Estates, Business Standard had reported that the corporate is planning to construct twice the quantity of economic property house it’s seeking to promote to the worldwide fund supervisor.

Prestige Estates is seeking to promote the assets to cut back debt and generate liquidity by way of the Blackstone deal.

Blackstone is the most important workplace proprietor in the nation, with actual property assets value $20 billion in the nation. It has joint ventures with Panchshil Realty, Okay Raheja Corp, Salarpuria Sattva, amongst others.

Blackstone’s two joint ventures with Embassy group and Okay Raheja Corp have floated actual property funding trusts or REITs in the nation. Its one other JV with Panchshil Realty is gearing up for a REIT, reviews mentioned.

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