Will have a surplus of Rs 900 cr after Blackstone deal: Prestige Group
Irfan Razack, CMD of Prestige Group, has said that the company, which had a total net debt of about Rs 8,500 crore before the Blackstone deal, will have a surplus of Rs 900 crore after it.
Irfan Razack, CMD of Prestige Group, has said that the company, which had a total net debt of about Rs 8,500 crore before the Blackstone deal, will have a surplus of Rs 900 crore after it.
“Before Blackstone, we had a total net debt of about Rs 8,500 crore... Once phase II of the transaction also gets down, we will be having, I think, about Rs 900 crore plus as additional cash. So there will be positive cash flow," he said.
On rental income, Razack said, “We are freeing ourselves, we are freeing up our capital, getting some additional cash in the system that will help. What it has done is, it has helped us reduce debt, so less reliance on debt and that gives us an aggressive plan to rebuild newer assets both in the retail and office front.”
“Our Bengaluru and Kochi projects will be ready soon, apart from that, we have a lot of office space coming up in Pune, Hyderabad, Mumbai... Bengaluru is showing good demand in terms of office space so all this will total up to that. We have done our numbers and whatever numbers we had given are numbers which I think very comfortably we should be able to reach without too much stress," he said.
Talking about achieving full occupancy on these commercial properties, Razack said, “This is a combination of retail plus office. Today we are going through very different times and in spite of that we have been able to lease out some of the spaces given up by some of the companies that are building their own campuses.”
“Now we are looking at a window of 3-4 and 5 years down the line, our locations are top notch. The type of product that will come will be now compliant for the atmosphere and the overall environment that we have today," he added.
“Another view I have, yes there will be a hybrid model there is no doubt about it but at the same time there is going to be a lot more business and work coming towards India and this is an opportunity. Once we create these assets I don’t see any problem filling them up and having near full occupancy in these products," Razack said.
For full interview, watch accompanying video...
(Edited by : Niral Sharma)
First Published: Mar 22, 2021 2:11 PM IST
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