The Economic Times daily newspaper is available online now.

    Blackstone nears $2 billion property deal with Prestige

    Synopsis

    The US private equity group is in advanced talks to acquire Prestige Estates Projects Ltd.’s rent-yielding assets including offices and operating malls, the people said, asking not to be identified.

    blackstone-bccl
    Blackstone is the largest owner of commercial real estate in India with a total investment of around $7.8 billion as of March 2020
    By Baiju Kalesh and Saritha Rai

    Blackstone Group Inc. is nearing a deal to buy an Indian developer’s commercial properties for about $2 billion, according to people with knowledge of the matter.

    The US private equity group is in advanced talks to acquire Prestige Estates Projects Ltd.’s rent-yielding assets including offices and operating malls, the people said, asking not to be identified as the discussions are private. Terms haven’t been finalised and negotiations could still be delayed or fall apart, the people said.

    A representative for Blackstone declined to comment. An email to Prestige wasn’t immediately answered outside of business hours in India Friday.

    Blackstone is the largest owner of commercial real estate in India with a total investment of around $7.8 billion as of March 2020. It has built its portfolio over more than a decade, buying up more properties as India’s economy slowed in recent years. Two real estate investment trusts backed by Blackstone have also been listed on India’s public markets.

    Prestige Estate is one of the largest developers in southern India. It has about 45 ongoing projects spanning 52 million square feet, with another 57 million square feet under construction.



    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in