$1.5-billion deal of Blackstone-Prestige Estates gets CCI approval

The Competition Comm­ission of India (CCI) has given its nod to US equity major Blackstone Group buying certain commercial and retail properties from Bengaluru-based real estate player Prestige Estates.
 
Valued at $1.5 billion, this is one of the largest real estate deals in the country comprising the sale of 21 million square feet of assets. These include five completed office assets, four under construction offices, 9 retail malls and two hotels.
 
Prestige Estates is selling the assets to reduce debt and generate liquidity via the Blackstone deal. Irfan Razack, chairman and managing director of the company, had said