Prestige Estates signs deal with Blackstone for stake sale in firm's assets

Prestige Estates is looking to sell the assets to reduce debt and generate liquidity via the Blackstone deal

Real estate player Prestige Estates has signed a deal with private equity major Blackstone Group for stake sale in some of the company’s commercial, retail and hotel properties.

Though Prestige has not disclosed the deal amount, the US-based PE fund manager could buy the company's assets worth $2 billion (over Rs 14,000 crore).
 

According to a NSE filing, Prestige Estates has signed a non-binding letter of intent with Blackstone and the transactions will be consummated through a combination of primary investments, secondary transactions, joint ventures or such other modes, as may be mutually agreed between the parties.
 

While Blackstone is looking