Industry estimates $1.6 bn investment in real estate
The Competition Commission of India (CCI) approves the acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc, a global investor.
The principal activity of the Acquirers viz affiliates of Blackstone Group Inc is that of investment holding and related activities. However, at present, they do not have any business operations, in India or worldwide.
The investment was signed as a term sheet to purchase assets estimated by industry sources at US$1.6 billion in October 2020.
The Bangalore-headquartered Prestige also has assets in Chennai, Hyderabad, Kochi, Mysore, Mangalore and Goa.
The Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc.
The Target Entities are engaged in the business of real estate development in India.
They have a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India. #investment #realestate #development #banking #property /fiinews.com
