<p>Bengaluru-based property developer Prestige Estates Projects Ltd said on Monday that it has executed a term sheet with the US-based private equity major Blackstone Group to sell commercial, retail and hospitality properties across the country worth Rs 9,160 crore.<br /><br />According to a BSE filing, the company said that the consummation of the proposed transactions contemplated in the Term Sheet are subject to completion of due diligence, negotiation and execution of asset-specific definitive documents and receipt of all necessary approvals including internal approvals of the BREP Acquireers.<br /><br />The company said in October that it had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business. The properties are spread across many cities in Karnataka, Tamil Nadu, Gujarat, Kerala and Rajasthan among others.<br /><br />The Proposed Transactions contemplated in the Term Sheet will be consummated through a combination of primary investments, secondary investments, business transfers, asset transfers, joint ventures, demergers, slump sales, or a combination thereof or through such other modes, in each case, as mutually agreed between the parties under the relevant asset-specific definitive documents, the company said in its filing.<br /><br />The buyers are: BREP Asia II Indian Holding Co IX (NQ) Pte Ltd, BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd and BREP Asia II Indian Holding Co III (NQ) Pte. Ltd. The BREP Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc., which is a global alternative asset manager and private equity investor.</p>
<p>Bengaluru-based property developer Prestige Estates Projects Ltd said on Monday that it has executed a term sheet with the US-based private equity major Blackstone Group to sell commercial, retail and hospitality properties across the country worth Rs 9,160 crore.<br /><br />According to a BSE filing, the company said that the consummation of the proposed transactions contemplated in the Term Sheet are subject to completion of due diligence, negotiation and execution of asset-specific definitive documents and receipt of all necessary approvals including internal approvals of the BREP Acquireers.<br /><br />The company said in October that it had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business. The properties are spread across many cities in Karnataka, Tamil Nadu, Gujarat, Kerala and Rajasthan among others.<br /><br />The Proposed Transactions contemplated in the Term Sheet will be consummated through a combination of primary investments, secondary investments, business transfers, asset transfers, joint ventures, demergers, slump sales, or a combination thereof or through such other modes, in each case, as mutually agreed between the parties under the relevant asset-specific definitive documents, the company said in its filing.<br /><br />The buyers are: BREP Asia II Indian Holding Co IX (NQ) Pte Ltd, BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd and BREP Asia II Indian Holding Co III (NQ) Pte. Ltd. The BREP Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc., which is a global alternative asset manager and private equity investor.</p>