Prestige Estates Projects has agreed to sell a large portfolio of office, retail and hotel properties to global investment firm Blackstone. Bengaluru-based Prestige has signed term sheets on November 9, 2020 with the Blackstone group, and the deal is likely to be closed next month. The consideration will be based on the enterprise value of about Rs 9160 crore.
That apart, the company will sell up to 85 percent in its hotel Oakwood Residences and up to 100 percent in hotel Aloft. The total asset portfolio being acquired by Blackstone is around 21 million sq ft, including completed and under-construction commercial projects.
Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.
