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Prestige signs agreement with Blackstone to sell 12 completed assets in 1st phase of Rs 9,160 cr dealThe company will use the fund to retire its debt and future expansion
PTI
Last Updated IST
Credit: Reuters file photo.
Credit: Reuters file photo.

Realty firm Prestige Estates Projects on Tuesday 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 on Tuesday 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.

Sources had earlier said that promoters have separately sold solar park for around Rs 800-900 crore, taking the total deal size to around Rs 10,000 crore.

In November filing, Prestige group had shared the list of assets to be sold under this deal.

This includes sale of up to 100 per cent stake in six entities holding completed office assets and 85-87 per cent stake in nine entities owning nine malls.

Up to 50 per cent of the rights and interest in four entities owning under-construction office assets will also be sold.

That apart, Prestige will sell up to 85 per cent in its hotel Oakwood Residences and up to 100 per cent in hotel Aloft.

Sources had said that the total asset portfolio proposed to be acquired by Blackstone is around 21 million sq ft, including completed and under-construction commercial projects.

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(Published 02 March 2021, 15:55 IST)