Prestige Estates surges 7% amid report Blackstone may acquire group assets

Blackstone will acquire 100 per cent control of around 20 million square feet of commercial space, including 16 million sq ft of ready and completely leased assets, the report said

Shares of Prestige Estate Projects surged 6.7 per cent to Rs 240 apiece on the BSE on Monday amid reports that US private equity giant Blackstone Group is set to acquire Prestige Group’s rental income assets for more than $1.7 billion -- around Rs 12,745 crore -- in the largest real estate portfolio buyout in India.

At 10:02 am, the stock was quoting Rs 231 per share, up 3 per cent on the BSE, as against 311 points, or 0.83 per cent, rally in the benchmark S&P  BSE Sensex. 

"The transaction involves ready, income-producing and under-construction properties in key cities of south