Prestige completes phase one of asset sale to Blackstone

12 Mar 2021 CW Team

Following the approval from the Competition Commission of India (CCI) in December last year, Bengaluru based real estate developer Prestige Group has sold assets worth Rs 7,467 crore to investment company Blackstone, in the first phase of Rs 9,100 crore transaction.

The first phase of the transaction included the sale of 12 assets and undertakings comprising completed retail, office and hotel assets. The rest of the transaction is expected to be completed by the end of the next quarter.

As a part of the first phase, the company sold a 100% stake in Aloft Hotel, Cessna Business Park and, Trade Tower in Bengaluru and Prestige Fintech in Gift city. It also divested 85% of its rights and interests in retail properties, which include Forum Neighbourhood, Forum Koramangala, Forum Shantiniketan, and Oakwood Residences in Bengaluru, Forum Fiza in Mangaluru, Forum Centre City in Mysuru, Forum Celebration in Udaipur and Forum Sujana in Hyderabad.

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

The property development company also transferred 100% rights and interests in Prestige Amusements Private Ltd Company, which runs the maintenance and management business of the said retail assets.

Prestige Group, in a statement, said that it has a development pipeline of about 43 million square feet (sq ft) office and retail portfolio in the key locations across the cities. The company's debt has been reduced by Rs 4,594 crore through the transaction, said Prestige Group.

Image Source

Also read: Blackstone set to become biggest warehouse landlord

Also read: Prestige Group to invest Rs 20 bn on housing projects

Real Estate

05 Nov 2025

83% of Indian Employees Welcome Office Return: JLL Report

India is leading the global Return-to-Office (RTO) movement, with 82 per cent of employees currently under office-based work mandates and 83 per cent expressing positive sentiment toward the shift, according to JLL’s Workplace Preference Barometer 2025. This enthusiasm positions India well above the Asia-Pacific average of 64 per cent, underscoring the country’s progress in creating people-centric, flexible, and productive workplaces.The technology, BFSI, and education sectors are at the forefront of this RTO trend, with Indian corporates excelling in designing work environments that balan..

ServeU, PureBlue Water Partner to Boost Sustainable Water Management in UAE

ServeU, a subsidiary of Union Properties and a leading facilities management provider in the UAE, has signed a strategic partnership with PureBlue Water, an innovator in sustainable water and wastewater technologies. The collaboration aims to promote efficient water use, cost reduction, and circular water management across the UAE’s residential, commercial, industrial, and leisure sectors.This partnership integrates ServeU’s regional expertise with PureBlue Water’s advanced distributed treatment systems, offering a sustainable alternative to traditional centralized sewer networks. These ..

Eurobond Expands Global Footprint with Launch of Eurobond Europe

Euro Panel Products, the parent company of Eurobond, has announced its official entry into the European market with the launch of Eurobond Europe, which will serve as the brand’s exclusive distributor across the region.Established in 2002, Eurobond is among India’s leading manufacturers of Aluminium Composite Panels (ACP) and façade solutions. With a state-of-the-art facility in Gujarat and exports to over 20 countries, the company continues to set benchmarks in quality, design, and innovation. Its expansion into Europe marks a strategic step in strengthening its global presence.Divyam Sh..