You are here: Home » Companies » News
Business Standard

Prestige Estates to sell assets worth Rs 11,000 cr to Blackstone, cut debt

Indian company plans to build twice the amount of commercial property space it is selling to the global fund manager.

Topics
Prestige Estates | Blackstone | Assets

Samreen Ahmad  |  Bengaluru 

blackstone, embassy office parks REIT
Blackstone is the largest office owner in the country, with real estate assets worth $20 billion in the country.

has signed an agreement with American equity major Group to sell commercial and retail properties, said the company in a BSE filing. The deal is valued at Rs 11,000 crore, said a person close to the matter.

The deal comprises the sale of 21 million sq. feet of including six completed office assets, nine retail assets, two hotels and four under-construction offices in in Karnataka, Tamil Nadu, Kerala, Gujarat and other places.

“The proposed transactions contemplated in the term sheet will be consummated through a combination of primary investments, secondary investments, business transfers, asset transfers, joint ventures, demergers, slump sales, or a combination thereof or through such other modes, in each case, as mutually agreed between the Parties under the relevant asset specific definitive documents,” said

The company is selling the to reduce debt and generate liquidity via the deal. It plans to build twice the amount of commercial property space it is selling to the global fund manager.

is the largest office owner in the country, with real estate 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 joint venture with Panchshil Realty is gearing up for a REIT, reports said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 09 2020. 22:31 IST
RECOMMENDED FOR YOU
.