Deal with Blackstone should fructify in December: Prestige Estates

Prestige Estates Projects’ revenue increased sequentially due to contribution from residential projects. The company also announced execution of a term-sheet with Blackstone detailing the sale of its leased assets and the hotels business.

“The deal with Blackstone is work in progress. There is a lot of regulatory stuff that needs to get done and while that is happening we will also be cleaning out the entire due diligence process, which is almost done. Therefore, with all of this the deal should fructify in mid-December before Christmas,” said Irfan Razack, CMD of Prestige Estates in an interview to CNBC-TV18.

On core business, Razack said, “There is demand for all products, ready and under construction.”