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NEWS

21
Sep
2016

Prestige Estates may sell 40% stake in rental unit to raise around Rs 2,000 crore

Prestige is likely to sell anywhere between 26% and 40% stake in the income-generating commercial unit, which will be a subsidiary of Prestige Estates. India's second largest listed real estate developer Prestige Estates Projects plans to raise at least $300 million, around Rs 2,000 crore, by selling up to 40% stake in its rent-yielding commercial assets and has drawn interest from Canadian Pension Plan and GIC of Singapore. The southern developer has hired JP Morgan to advise on the deal involving a string of shopping malls and office spaces valued at about Rs 5,000 crore, or $750 million, sources directly familiar with the matter said. Prestige is likely to sell anywhere between 26% and 40% stake in the income-generating commercial unit, which will be a subsidiary of Prestige Estates. The Bengaluru-headquartered developer recently unveiled a business restructuring to separate residential and commercial assets. With the housing market remaining subdued, top builders are looking at unlocking value from commercial assets to manage cash flows and debt repayments. The country's largest developer DLF in advanced discussions with global investors to sell a stake rental unit.
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