TheNFAPost Podcast

Prestige Estates Projects has concluded phase 1 of the proposed transaction with US private equity major Blackstone Group worth Rs 74,670 million, the real estate developer said in a regulatory statement on March 10.

According to the company filings, the enterprise value of the transaction which forms part of phase 1 is approximately Rs 74,670 million out of the total enterprise value of approximately Rs 91,600 Million as mentioned in the Initial Disclosure.

Phase 1 of the transaction includes sale of 12 assets/undertakings comprising of completed retail, office and hotel assets, the company said. Phase 2 of the transaction is expected to get completed by the end of next quarter.

Stake sale 

The overall transaction comprising Phase 1 and Phase 2 includes 100% stake sale in six completed office projects (including a hotel) and 50% stake sale in four under-construction projects, and 85% stake sale in nine shopping malls, the company said.

Commenting on the development, Prestige Group Chairman Irfan Razack said the company believes that this transaction will further strengthen our foundation and help Prestige Group in gearing up for the next level of growth.

“This transaction will also aid us in building long-term strategic partnership with Blackstone Group and leverage the respective strengths of both to create value for the stakeholders. With our unparalleled execution track record, balanced portfolio across segments and geographies and deep management expertise, we are uniquely positioned to capture opportunities for growth and gain from the accelerated consolidation that is taking place in the real estate industry,” said Irfan Razack.

Previous articleKalyan Jewellers To Raise Rs 1,175 Crore From IPO
Next articleKawasaki Kisen Kaisha Ltd. Ropes in Nokia to Digitally Transform Its LNG-Fueled Car Carrier


Please enter your comment!
Please enter your name here