Will retire Rs 6,000-crore debt after Blackstone deal: Prestige Estates CMD

The total portfolio is expected to be around 21 million square feet (mn sq ft) of completed and under construction projects, said CMD Razack

Bengaluru-based Prestige Estates Projects has entered the last leg of a deal to sell a large portfolio of its commercial assets to US-based private equity fund manager Blackstone for an enterprise value of Rs 9,160 crore. The total portfolio is expected to be around 21 million square feet (mn sq ft) of completed and under construction projects. IRFAN RAZACK, chairman and managing director of the company, speaks to Raghavendra Kamath about the deal and the company’s plans. Edited excerpts:

What was the idea behind selling the assets?

Since we are in the process of doing a lot of capex projects in Mumbai