Competition Commission of India (CCI) has approved the $1.5 billion acquisition of certain assets of Prestige Group by affiliates of Blackstone Group.
The diversified portfolio are real estate development projects totaling 21 million square feet of assets across several cities in India. These include five completed office assets, four under-construction offices, nine retail malls and two hotels.
Prestige Estates is selling the assets to reduce debt and generate liquidity.
