Prestige Estates to sell some assets to Blackstone

Realty firm Prestige Estates Projects Ltd has received shareholders' approval for divesting some commercial assets to 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 three entities are affiliates of funds advised or managed by the affiliates of the US-based The Blackstone Group Inc, a global alternative asset manager and private equity investor.

Earlier this month, the Competition Commission of India had approved Blackstone's acquisition of some commercial assets of Prestige Estates. In November, Prestige Estates had signed a term sheet with Blackstone to sell partial and full stake in six completed office assets, nine retail assets, a couple of hotels and four under-construction office projects. The transaction valued the assets at 91.6 bln rupees. The shares of Prestige Estates ended 0.1 percent lower at 287.85 rupees on the National Stock Exchange on Friday.

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