Indian Prestige Group plans to build more office space

Real estate developer Prestige Group plans to build more than 40 million sq. ft of office space across multiple cities, after selling some of its office, retail and hotel assets to Blackstone.

The New York-based private equity giant received approval in December from the Competition Commission Of India to buy five office parks, nine shopping malls, two hotels and four under-construction office complexes totaling 21 million sq. ft for $1.5 billion from Prestige.

Money is flowing towards India. Another Bengaluru-based real estate firm RMZ Corp recently sold around 12.8 million sq ft of its 67 million sq ft portfolio to a fund managed by Canada’s Brookfield Asset Management for an investment value of $2 billion.

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