Prestige Estate Projects, a Bengaluru-based realty player, 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 91,600 million deal.
In November 2020, the company 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 91,600 million. The company will use the fund to retire its debt and future expansion.
Shares of the company declined Rs 2.2, or 0.73%, to settle at Rs 300.95. The total volume of shares traded was 27,626 at the BSE (Wednesday).