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

Infrastructure Urban

30 Oct 2025

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..