Prestige begins sale of 12 assets to Blackstone

NEW DELHI: Realty firm Prestige Estates Projects said it has signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs 9,160-crore deal.

In November last year, the Bengaluru-based firm had signed term sheet to sell a large portfolio of completed as well as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore. The company will use the fund to retire its debt and future expansion.

In a regulatory filing, Prestige Estates Projects informed that the company executed the asset specific agreements or definitive documents with ' BREP Acquirers' (Backstone entities) for sale of twelve assets/undertakings comprising of completed retail, office and hotel assets as Phase I of the proposed transaction.

"Upon consummation of the transactions contemplated in the Definitive Documents, further intimation will be made to the stock exchanges," it said.