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Blackstone nears $2 billion India property deal with Prestige: Report

The US private equity group is in advanced talks to acquire Prestige Estates Projects' rent-yielding assets including offices and operating malls

Topics
Blackstone | Prestige | Real Estate

Baiju Kalesh & Saritha Rai | Bloomberg 

blackstone, embassy office parks REIT
Blackstone is the largest owner of commercial real estate in India with a total investment of around $7.8 billion as of March 2020

Group Inc. is nearing a deal to buy an Indian developer’s commercial properties for about $2 billion, according to people with knowledge of the matter.

The US private equity group is in advanced talks to acquire Estates Projects Ltd.’s rent-yielding assets including offices and operating malls, the people said, asking not to be identified as the discussions are private. Terms haven’t been finalised and negotiations could still be delayed or fall apart, the people said.

A representative for declined to comment. An email to wasn’t immediately answered outside of business hours in India Friday.

is the largest owner of commercial in India with a total investment of around $7.8 billion as of March 2020. It has built its portfolio over more than a decade, buying up more properties as India’s economy slowed in recent years. Two investment trusts backed by Blackstone have also been listed on India’s public markets.

Estate is one of the largest developers in southern India. It has about 45 ongoing projects spanning 52 million square feet, with another 57 million square feet under construction.

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First Published: Fri, October 16 2020. 20:11 IST
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