Prestige Estates Projects looks to offload residual stake in malls

Prestige Estates Projects (PEPL), which is in the last leg of a deal with US-based fund manager Blackstone, is planning to sell its 13-15 per cent stake in mall assets to the American entity when the latter forms its real estate investment trust (REIT) and list it. As part of the Rs 9,160-crore deal, Prestige will sell 85-87 per cent in its nine operational malls to Blackstone in places such as Bengaluru, Mysuru, Mangaluru, and Hyderabad. The deal also involves selling operational and under-construction office properties to the US-based fund manager. Analysts expect Blackston.....

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