The same source quoted earlier said that Blackstone
is looking at lucrative exit opportunities in the future through real estate investment trust, besides steady income and capital appreciation from the assets. Prestige had sold stakes in its malls to Singapore-based CapitaLand, which it later bought out for Rs 342 crore. While the company has 37 ongoing residential projects, comprising around 43.97 million sq ft, there are 23 upcoming projects totalling 30.31 million sq ft at locations including Bengaluru, Hyderabad, and Chennai. It has put launches on hold till August because of Covid-19-led interruptions.
The firm reported a 64 per cent fall in its consolidated net profit, which stood at Rs 51.1 crore for the quarter ended March 31. Its net profit was Rs 141.9 crore in the year-ago period. Analysts say the company is likely to post losses in Q1FY21 on account of interest expense or depreciation.
“Being one of the oldest and largest developers in south India, they have many good land parcels which they can develop. The company has bright prospects,” said Ashok Kumar, managing director at Gennex Patners.
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