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 US 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.