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Blackstone nears $2 billion property take care of Prestige

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By Baiju Kalesh and Saritha Rai


Blackstone Group Inc. is nearing a deal to purchase an Indian developer’s industrial properties for about $2 billion, based on individuals with information of the matter.

The US non-public fairness group is in superior talks to amass Prestige Estates Projects Ltd.’s rent-yielding belongings together with workplaces and working malls, the individuals stated, asking to not be recognized because the discussions are non-public. Terms haven’t been finalised and negotiations might nonetheless be delayed or disintegrate, the individuals stated.

A consultant for Blackstone declined to remark. An electronic mail to Prestige wasn’t instantly answered exterior of enterprise hours in India Friday.

Blackstone is the most important proprietor of industrial actual property in India with a complete funding of round $7.eight billion as of March 2020. It has constructed its portfolio over greater than a decade, shopping for up extra properties as India’s economic system slowed in recent times. Two actual property funding trusts backed by Blackstone have additionally been listed on India’s public markets.

Prestige Estate is among the largest builders in southern India. It has about 45 ongoing initiatives spanning 52 million sq. ft, with one other 57 million sq. ft below development.




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