India’s Prestige Group signs deal with Blackstone to sell commercial properties

India's Prestige Group agrees to sell commercial properties to Blackstone

Prestige Group, a property development company in South India, said on Saturday that it has signed term sheets with Blackstone, a global private equity investor, to sell commercial properties in India.

The Bengaluru-based company said in a stock exchange filing, ”Prestige Estates Projects Ltd. has signed a non-binding letter of intent with certain entities, acting on behalf of funds controlled, managed and/or advised by Blackstone for the sale of certain of the company’s direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance businesses.”

The deal size was not disclosed. Blackstone is in advanced discussions with Prestige Estates Projects Ltd. to acquire the company’s commercial assets, including offices and operating malls, for about $2 billion, Bloomberg News reported Oct. 16, citing people with knowledge of the matter.