Prestige Estates in demand after CCI approves Blackstone deal

Prestige Estates Projects jumped 3.02% to Rs 295.30 after the Competition Commission of India on Tuesday (8 December 2020) approved acquisition of certain assets of Prestige Group of companies by affiliates of Blackstone Group.

In October, Bengaluru-based Prestige Estates had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business. The transactions will be consummated through a combination of primary investments, secondary transactions (share purchase/business transfers), partnerships/joint ventures or such other modes, as may be mutually agreed between the parties.

Prestige Group is a property development company based in South India. The company's consolidated net profit declined 46.1% to Rs 59.60 crore on a 2.5% fall in net sales to Rs 1,875 crore in Q2 September 2020 over Q2 September 2019.

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