Prestige Estates completes phase 1 of Blackstone deal; stock jumps 4%

The management said the company has a strong development pipeline of about 43 mnsft office and retail portfolio in the key locations across the cities

Shares of Prestige Estates Projects jumped 4 per cent and hit an intra-day high of Rs 302.50 on the BSE on Friday after the company said it has completed phase I of its Rs 9,160-crore deal with Blackstone Group at Rs 7,467 crore. The stock of the real-estate company is trading close to its 52-week high level of Rs 314.95, touched on February 18, 2021.

The deals comprises of sale of 21 million square feet (mnsft) of assets by Prestige Group to Blackstone. These include six completed office assets, four under construction offices, and nine retail malls. Phase 1 of