Blackstone nears $2b India property deal with Prestige

Photo: Bloomberg

Blackstone Group Inc. is nearing a deal to buy an Indian developer’s commercial properties for about $2 billion, according to people with knowledge of the matter.

The U.S. private equity group is in advanced talks to acquire Prestige Estates Projects Ltd.’s rent-yielding assets including offices and operating malls, the people said, asking not to be identified as the discussions are private. Terms haven’t been finalised and negotiations could still be delayed or fall apart, the people said.

A representative for Blackstone declined to comment. An email to Prestige wasn’t immediately answered outside of business hours in India Friday.

Blackstone is the largest owner of commercial real estate in India with a total investment of around $7.8 billion as of March 2020. It has built its portfolio over more than a decade, buying up more properties as India’s economy slowed in recent years. Two real estate investment trusts backed by Blackstone have also been listed on India’s public markets.

Prestige Estate is one of the largest developers in southern India. It has about 45 ongoing projects spanning 52 million square feet, with another 57 million square feet under construction.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.