Prestige Estates to cut debts by selling assets
Real Estate

Prestige Estates to cut debts by selling assets

In a BSE filing, Prestige Estates announced that an agreement to sell commercial and retail property worth Rs 11,000 crore has been signed with Blackstone Group, an American equity major. As per the agreement, assets of 21 million sq ft, which include six completed office assets, two hotels, nine retail assets, four under-construction offices in Gujarat, Karnataka, Tamil Nadu, Kerala, and other places are to be sold.

According to Prestige Estates, the proposed transaction will be accomplished through a combination of business transfers, asset transfers, primary investments, secondary investments, demergers, slump sales, joint ventures, and other such modes as agreed between the parties. Prestige Estates undertook the deal in order to cut down on debts and generate liquidity. The company plans on building twice the amount of commercial property space that it is selling through the Blackstone deal.

Prestige Estates is set to sell a 100% stake in the six completed office assets and 85%-87% stakes in nine retail assets. Moreover, up to 50% of the rights and interests in four under-construction office assets are being sold by Prestige Estates. Prestige Assets will also sell up to 85% stakes in its hotel Oakwood Residencies and 100% stakes in Hotel Aloft.

A non-binding letter of intent was signed by Prestige Estates in October this year, with the Blackstone Group. Prestige Estates signed the term sheets with the Blackstone Group on Monday, and the deal is likely to be closed by next month, after all the necessary approvals from the Competition Commission of India (CCI).

Prestige Estates has 36 million sq ft of completed projects, 15 million sq ft of ongoing projects, and 22 million sq ft under planning in the office segment alone. The company boasts of 10 operational projects of around 7.5 million sq ft in retail. In the hospitality sector, the company has an inventory of 1,262 rooms which yield an annual revenue of Rs 327.5 crore annually.

The US-based Blackstone Group is known to have invested around $8 billion in real estate in India. So far, it has also sponsored two real estate investment trusts (RIETs), namely, Embassy Office Parks REIT and Mindspace Business Park REIT. With real estate assets worth $20 billion in the country, Blackstone is the largest office owner in the country. It boasts of joint ventures with a host of real estate companies such as Salarpuria Sattva, Panchshil Realty, K Raheja Corp and others.

In a BSE filing, Prestige Estates announced that an agreement to sell commercial and retail property worth Rs 11,000 crore has been signed with Blackstone Group, an American equity major. As per the agreement, assets of 21 million sq ft, which include six completed office assets, two hotels, nine retail assets, four under-construction offices in Gujarat, Karnataka, Tamil Nadu, Kerala, and other places are to be sold.According to Prestige Estates, the proposed transaction will be accomplished through a combination of business transfers, asset transfers, primary investments, secondary investments, demergers, slump sales, joint ventures, and other such modes as agreed between the parties. Prestige Estates undertook the deal in order to cut down on debts and generate liquidity. The company plans on building twice the amount of commercial property space that it is selling through the Blackstone deal.Prestige Estates is set to sell a 100% stake in the six completed office assets and 85%-87% stakes in nine retail assets. Moreover, up to 50% of the rights and interests in four under-construction office assets are being sold by Prestige Estates. Prestige Assets will also sell up to 85% stakes in its hotel Oakwood Residencies and 100% stakes in Hotel Aloft. A non-binding letter of intent was signed by Prestige Estates in October this year, with the Blackstone Group. Prestige Estates signed the term sheets with the Blackstone Group on Monday, and the deal is likely to be closed by next month, after all the necessary approvals from the Competition Commission of India (CCI). Prestige Estates has 36 million sq ft of completed projects, 15 million sq ft of ongoing projects, and 22 million sq ft under planning in the office segment alone. The company boasts of 10 operational projects of around 7.5 million sq ft in retail. In the hospitality sector, the company has an inventory of 1,262 rooms which yield an annual revenue of Rs 327.5 crore annually. The US-based Blackstone Group is known to have invested around $8 billion in real estate in India. So far, it has also sponsored two real estate investment trusts (RIETs), namely, Embassy Office Parks REIT and Mindspace Business Park REIT. With real estate assets worth $20 billion in the country, Blackstone is the largest office owner in the country. It boasts of joint ventures with a host of real estate companies such as Salarpuria Sattva, Panchshil Realty, K Raheja Corp and others.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement