The Competition Commission of India (CCI) has approved Blackstone buying Prestige Estates Projects Limited assets valued at about $1.5 billion.
Prestige Estates Projects Limited, in October, had signed a non-binding letter of intent with private equity major the Blackstone Group to sell a few of its commercial offices, retail and hotel properties. As part of the deal, Prestige is to sell five completed office assets totaling seven square feet. Four under-construction office space totaling 10 million square feet (this includes an additional expansion area of 4.5 million square feet in under construction). Nine retail malls of four million square feet and two hotels.
When reached out to Venkat K Narayana, CEO, Prestige Group, he declined to comment. Meanwhile, Blackstone too declined to comment on the deal.
But with this transaction, Blackstone has invested about $10 billion in the Indian real estate sector alone. Currently, the overall market value of Blackstone’s assets in India is over 50 billion.
Blackstone is the world’s leading investment firms having over $564 billion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.