Status group agrees to promote sure workplace, retail property & 2 lodges to Blackstone for Rs 12K crore


NEW DELHI: Realty agency Status Estates Tasks Ltd on Saturday stated it has agreed to promote sure workplace, retail and resort properties to world funding agency Blackstone — in a giant ticket actual property deal estimated at round Rs 12,000 crore.

Prestige group didn’t disclose the deal measurement, however sources stated that the Bengaluru-based agency has signed time period sheets with Blackstone to promote industrial properties for an enterprise worth of round Rs 12,000 crore.

The deal is predicted to be closed by finish of the subsequent month in any case the mandatory approvals together with that of the Competitors Fee of India (CCI), sources stated.

In a regulatory submitting, Status on Saturday knowledgeable that it has “signed a non-binding letter of intent” with Blackstone for the sale of its curiosity in “sure industrial workplaces, retail and resort properties, mall administration and recognized upkeep companies.”

Status group has supplied to Blackstone, exclusivity in relation to the transactions, it added.

The closure of the deal can be topic to completion of due diligence, finalization of the transaction construction, negotiation and execution of the definitive paperwork, satisfaction of the circumstances precedent in such definitive paperwork and receipt of approvals, if any required.

In keeping with sources, the whole workplace, retail and resort property to be monetised by means of this deal could possibly be 15-20 million sq ft each accomplished and below development. Two lodges with 336 keys are additionally a part of the deal.

Blackstone and Status group spokesperson declined to remark.

Status group will utilise the fund raised by means of this monetisation to partially retire its debt and future growth.

US-based Blackstone has invested round USD 8 billion in Indian actual property. It has sponsored two REIT (Actual Property Funding Belief) launched and listed up to now in India — Embassy Workplace Parks REIT and Mindspace Business Park REIT).

India’s workplace market has been performing nicely since previous few years regardless of the general slowdown in the true property sector.

The web workplace area leasing stood at file 45-50 million sq ft in 2019 calendar yr that additionally noticed the nation’s first REIT being launched and listed on inventory trade by Embassy Workplace Parks.

In August this yr, Mindspace Enterprise Parks launched and listed the nation’s second REIT, whereas just lately Brookfield has filed doc with SEBI for the third REIT.


Please enter your comment!
Please enter your name here