New Delhi: Blackstone Group is likely to invest $1.7 billion to acquire the rental income assets of Prestige Group.
Repay debt
Prestige Group will repay the debt from the revenue they will get from the deal. The revenue left after repayment of debt will be used to infuse equity capital.
The assets include properties in Bengaluru, Chennai, Mysore etc.
Assets
After the deal, Blackstone Group will get possession of 20 million square feet of commercial space.
As per the report, the deal will include the developer’s nine operational malls. It will also include hospitality assets.
The deal is somewhat similar to DLF-GIC.
It may be mentioned that real estate business has been affected due to coronavirus pandemic.