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Oct 17, 2020
, Bloomberg News
(Bloomberg) -- Indian developer Prestige Estates Projects Ltd. said Blackstone Group Inc. signed a non-binding agreement to buy some of its assets.
The deal will include the sale of “commercial offices, retail and hotel properties, mall management and identified maintenance businesses,” the developer said in a stock exchange filing on Saturday.
The U.S. private equity company is in advanced talks to acquire Prestige Estates’s rent-yielding assets, including offices and operating malls, for $2 billion, Bloomberg reported on Friday, citing people who asked not to be identified as the discussions were private.
Blackstone is the largest commercial real estate owner in India, with a total investment of around $7.8 billion as of March 2020. It has built its portfolio over more than a decade, buying up more properties as India’s economy slowed in recent years. Two real estate investment trusts backed by Blackstone have also been listed in India.
Blackstone Sees Buyout Opportunities With Virus-Cheapened Assets
Blackstone will have exclusivity in relation to the deal, and the closing of the transaction will be subject to conditions including the completion of due diligence and approvals, according to the filing. Prestige Estate is one of the largest developers in southern India. It has about 45 existing projects spanning 52 million square feet, with another 57 million square feet under construction.
©2020 Bloomberg L.P.
