BLACKSTONE SIGNS DEAL TO BUY $1.6B IN INDIA COMMERCIAL PROPERTIES
Blackstone will reportedly control one hundred pc of the portfolio for Prestige Group’s completed and under construction projects decided for the acquisition. Prestige Group Real Estate Bangalore- Blackstone will reportedly control one hundred pc of the portfolio for Prestige Group’s completed and under construction projects decided for the acquisition.
Prestige Group Real Estate Bangalore
American investment management company Blackstone has acquired the commercial portfolio of realty developer Prestige Group including offices, retail malls and hotel assets for $1.5 billion, The Economic Times reported, citing three sources.The deal will see Blackstone acquire over 16.8 million square foot of completed and under-construction office projects and retail malls including hospitality assets.
Prestige Group to sell commercial projects to Blackstone for Rs 9,160 cr
Blackstone also will acquire solar energy plants, which can generate energy for these assets, once they’re completed,” said one among sources cited above.Blackstone will enter a venture with the Bangalore-based realty company for under-development office and retail projects making it the “largest land portfolio transaction,” the report said.Moneycontrol couldn’t independently verify the report.
Prestige Green Gables , The Prestige City, Prestige Smart City, Prestige Primrose Hills, Prestige Finsbury Park
About Prestige Group Sarjapur Road – Office assets acquired include Amazon, Cisco, Juniper and Walmart among its key tenants in Bengaluru. Shopping malls are a neighborhood of the retail portfolio.
As a part of the acquisition, Blackstone will have five completed office complexes and nine retail malls in Bengaluru, Chennai and Ahmedabad, and 4 office development sites of which three are located in Bengaluru, the report said. It includes two hotels and solar energy plants to satisfy the energy requirements.
Finalises Blackstone Deal For Sale Of Commercial Projects Prestige Group Real Estate Bangalore
Following this acquisition, Blackstone-owned Nexus Malls will manage the day-to-day operations of the retail portfolio, while the firm’s land platform Nucleus Office Parks will manage the operations of the office projects,” said another source.Blackstone will reportedly control one hundred pc of the portfolio for Prestige Group’s completed and under construction projects decided for the acquisition. Prestige Group Real Estate Bangalore