+
Prestige completes phase one of asset sale to Blackstone
Real Estate

Prestige completes phase one of asset sale to Blackstone

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

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 202117-18 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

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?