InvestorQ : What exactly is the deal between Prestige Estates and Blackstone and do you see that as a positive?
Anu Biswas made post

What exactly is the deal between Prestige Estates and Blackstone and do you see that as a positive?

Answer
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Neelam Naik answered.
1 month ago


It needs to be remembered that the deal between Prestige Estates and Blackstone is currently only being reported and there is no official confirmation from either side on the subject.

There has been a spate of press reports and affirmation from sources that the US private equity giant Blackstone Group was likely to acquire rental assets of the Prestige Group of Bengaluru for a consideration of R1.70 billion. If it happens, it will be the single largest real estate buyout in India.

Prestige is a South based player and the transaction entails ready, income-producing and under-construction properties in South Indian cities like Bengaluru, Chennai and Mysore. It is estimated that Blackstone will acquire 100% control of 20 million SFT of commercial space.

For the Prestige Group, this is an opportunity to monetize its assets in the commercial rental business and take steps to work towards reducing its debt burden of Rs.8174 crore. Blackstone has been one of the biggest investors in Indian commercial realty assets.