Blackstone Group Inc acquisition of Prestige Group assets, CCI nods
Blackstone Group Inc acquisition of Prestige Group assets, CCI nods

The Competition Commission of India (CCI) approves acquisition of certain assets of the Prestige Group by affiliates of US-based investment firm Blackstone Group Inc. Prestige Estates Projects had agreed to sell its large portfolio of office, retail and hotel properties to Blackstone Group for an enterprise value of about Rs 9,160 crore last month. 

The principal activity of the Acquirers viz affiliates of Blackstone Group Inc, is that of investment holding and related activities. At present blackstone do not have any business operations, in India or worldwide. The Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc. In the month of October, Bengaluru-based Prestige Estates had signed a non-binding letter of intent with Blackstone Group group for the sale of few commercial offices, retail and hotel properties, mall management and identified maintenance business.

The Target Entities are engaged in the business of real estate development in India. They have a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India. Detailed order of the CCI will follow. In the regulatory filing to the CCI, Prestige Group has given 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, the list also includes sale of up to 85 per cent stake in its hotel Oakwood Residences and up to 100 per cent in hotel Aloft.

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