Prestige Estates to sell assets worth Rs 11,000 cr to Blackstone, cut debt

Indian company plans to build twice the amount of commercial property space it is selling to the global fund manager.

Prestige Estates has signed an agreement with American equity major Blackstone Group to sell commercial and retail properties, said the company in a BSE filing. The deal is valued at Rs 11,000 crore, said a person close to the matter.

The deal comprises the sale of 21 million sq. feet of assets including six completed office assets, nine retail assets, two hotels and four under-construction offices in in Karnataka, Tamil Nadu, Kerala, Gujarat and other places.

“The proposed transactions contemplated in the term sheet will be consummated through a combination of primary investments, secondary investments, business transfers, asset transfers, joint