Prestige Estates to sell certain assets to Blackstone Group

Prestige will sell assets like direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance businesses.

Oct 19, 2020 04:10 IST India Infoline News Service

Prestige Estates
Prestige Estates Projects has announced a non-binding letter of intent with The Blackstone Group. Prestige will sell its certain assets to entities, acting on behalf of funds controlled, managed and or advised by Blackstone.

Prestige will sell assets like direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance businesses to the global private equity investor.

In its regulatory filing, Prestige said, "The Transactions will be consummated through a combination of primary investments, secondary transactions (share purchase/business transfers), partnerships / joint ventures or such other modes, as may be mutually agreed between the parties."

Further, Prestige added, the consummation of the Transactions will be subject to completion of due diligence, finalization of the transaction structure, negotiation and execution of the definitive documents, satisfaction of the conditions precedent in such definitive documents and receipt of approvals if any required.

On Sensex, Prestige stock finished at Rs257.70 per piece down 1.07%.  

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