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Blackstone acquires Prestige's office, retail assets for $1.5 billion: Report

Blackstone will reportedly control 100 percent of the portfolio for Prestige Group's completed and under construction projects decided for the acquisition.

March 02, 2021 / 10:45 AM IST
Blackstone (Image: Reuters)

Blackstone (Image: Reuters)


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 sq ft of completed and under-construction office projects and retail malls including hospitality assets. Blackstone will also acquire solar power plants, which will generate energy for these assets, once they are completed,” said one of sources cited above.

Blackstone will enter a joint venture with the Bangalore-based realty company for under-development office and retail projects making it the "largest real estate portfolio transaction," the report said.

Moneycontrol could not independently verify the report.

Office assets acquired include Amazon, Cisco, Juniper and Walmart among its key tenants in Bengaluru. Shopping malls are a part of the retail portfolio. As part of the acquisition, Blackstone will have five completed office complexes and nine retail malls in Bengaluru, Chennai and Ahmedabad, and four office development sites of which three are located in Bengaluru, the report said. It includes two hotels and solar power plants to fulfill the energy requirements.

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“Following this acquisition, Blackstone-owned Nexus Malls will manage the day-to-day operations of the retail portfolio, while the firm’s real estate platform Nucleus Office Parks will manage the operations of the office projects,” said another source.

Blackstone will reportedly control 100 percent of the portfolio for Prestige Group's completed and under construction projects decided for the acquisition.
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first published: Mar 2, 2021 10:45 am
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