Prestige group in advanced talks with global investment firm Blackstone to sell its various commercial assets

As part of its strategy to clear debt and achieve future growth, leading realty firm Prestige group is in advanced talks with global investment firm Blackstone to sell its various commercial assets for an estimated value of
Rs. 12,000-13,500 crore.

The deal, if it materializes, would be one of the biggest this year in the real estate space which has been struggling on account of the pandemic. Discussions are said to be at an advanced stage and the deal could be worth $1.5-1.8 billion. According to a report, the big-ticket deal is likely to be concluded during this quarter.

The group also proposes to sell around 8 million sq.ft. of completed office parks and nine operational malls comprising 4 million sq.ft. The group may also sell 50 per cent stake in about 3-4 million of office projects under construction.