Prestige Estates to sell 12 properties in 1st phase to Blackstone Grp

New Delhi: Bengaluru-based Prestige Estates Projects has inked definitive agreement with Blackstone Grp to sell off 12 assets or undertakings like completed office, hotel and retail properties in the very first phase of Rs 9,160 crore deal.

In November 2020, Prestige Estates had inked the term sheet to sell off its largish portfolio of under-construction and completed office, hotel and retail assets to the Blackstone Grp for an enterprise value of Rs 9,160 crore. 

The sale proceeds will be utilized by Prestige to retire debt and fund future expansion.

"Upon consummation of the transactions contemplated in the Definitive Documents, further intimation will be made to the stock exchanges," Prestige said in a regulatory filing today.