+
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

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code