Prestige Concludes 74,670 Million Deal With Blackstone
Prestige Estates Projects Limited announced has completed phase 1 of proposed transaction with Blackstone Group. The enterprise value forming part of phase 1 is approximately INR 74,670 million out of the total enterprise value of approximately INR 91,600 Million as mentioned in the Initial Disclosure.
The overall transaction (Phase1&2) include- 100% stake sale in six completed office projects (include a hotel) and 50% stake sale in four under construction projects. And 85% stake sale in nine Shopping malls
Phase one of the transaction includes sale of twelve assets/undertakings comprising of completed retail, office and hotel assets. Phase two of the transaction is expected to get completed by the end of Next Quarter.