The Competition Commission of India (CCI) has approved Blackstone Group’s acquisition of certain commercial real estate properties of Bengaluru-based developer Prestige Group.
Prestige last month signed a term sheet with the global asset manager to sell five office parks, nine shopping malls, two hotels and four under-construction office complexes totalling 21 million sq. ft for ₹11,000 crore ($1.5 billion), Mint had reported.
The rental assets are located in Bengaluru, Chennai and Gujarat. The deal is expected to close soon.
With this transaction, Blackstone’s investments in India’s real estate sector would grow to $10 billion and an additional $8 billion in private equity investments across other sectors. Blackstone’s assets under management (AUM) in India is now around $50 billion. A spokesperson for Blackstone didn’t respond to queries.
In another recently concluded large commercial realty deal, a fund managed by Canada’s Brookfield Asset Management bought Bengaluru-based developer RMZ Corp’s 12.8 million sq. ft of assets for $2 billion.
The transacted portfolio has assets in Bengaluru, Chennai and Pune and also includes its co-working arm CoWrks.
