Bengaluru, India–based Prestige Estates is in talks with Blackstone to sell a portion of its commercial office portfolio and malls for approximately $1.5 billion as part of efforts to reduce debt, reported various media outlets. This buyout will be the largest for the real estate sector in India, and this transaction will also be a record for Blackstone — the largest real estate investment in India.
The portfolio totals about 8 million square feet of completed office parks and nine operating malls, comprising 4 million square feet. LintMint reported it may total up to 16 million square feet of office parks, nine malls and two hotels valued at around $1.6 billion to $1.8 billion. The assets include properties in Chennai, Bengaluru and Mysore.
“The transaction involves ready, income-producing and under-construction prop
