In a regulatory filing, Prestige Estates Projects informed that the company on Tuesday executed the asset specific agreements or definitive documents with ‘BREP Acquirers’ (Backstone entities) for sale of twelve assets/undertakings comprising of completed retail, office and hotel assets as Phase I of the proposed transaction. “Upon consummation of the transactions contemplated in the Definitive Documents, further intimation will be made to the stock exchanges,” it said.
Sources had earlier said that promoters have separately sold solar park for around Rs 800-900 crore, taking the total deal size to around Rs 10,000 crore. In November filing, Prestige group had shared the list of assets to be sold under this deal. This includes sale of up to 100 per cent stake in six entities holding completed office assets and 85-87 per cent stake in nine entities owning nine malls.
Up to 50 per cent of the rights and interest in four entities owning under-construction office assets will also be sold.
That apart, Prestige will sell up to 85 per cent in its hotel Oakwood Residences and up to 100 per cent in hotel Aloft. Sources had said that the total asset portfolio proposed to be acquired by Blackstone is around 21 million sq ft, including completed and under-construction commercial projects.