Prestige Estates Projects completes phase 1 of deal with Blackstone Group.

Prestige Estates Projects announced that it has completed phase 1 of proposed transaction with Blackstone Group.

The enterprise value forming part of phase 1 is approximately Rs. 7467 crore out of the total enterprise value of approximately Rs. 9160 crore as mentioned in the Initial Disclosure.

The overall transaction (Phase1&2) include -i. 100% stake sale in six completed office projects (include a hotel) and 50% stake sale in four under construction projects.ii. 85% stake sale in nine Shopping malls Phase 1 of the transaction includes sale of twelve assets/undertakings comprising of completed retail, office and hotel assets.

Phase 2 of the transaction is expected to get completed by the end of Next Quarter.

BS