Though Prestige has not disclosed the deal amount, the US-based PE fund manager could buy the company's assets worth $2 billion (over Rs 14,000 crore).
According to a NSE filing, Prestige Estates has signed a non-binding letter of intent with Blackstone and the transactions will be consummated through a combination of primary investments, secondary transactions, joint ventures or such other modes, as may be mutually agreed between the parties.
While Blackstone is looking to acquire 20 million sq ft of commercial space, including 16 million sq ft of ready and completely leased assets of Prestige Estates, Business Standard had reported that the company is planning to build twice the amount of commercial property space it is looking to sell to the global fund manager.
Prestige Estates is looking to sell the assets to reduce debt and generate liquidity via the Blackstone deal.
Blackstone is the largest office owner in the country, with real estate assets worth $20 billion in the country. It has joint ventures with Panchshil Realty, K Raheja Corp, Salarpuria Sattva, among others.
Blackstone's two joint ventures with Embassy group and K Raheja Corp have floated real estate investment trusts or REITs in the country. Its another JV with Panchshil Realty is gearing up for a REIT, reports said.