Categories: Business

Status Estates Tasks to promote hire yielding properties to Blackstone

Status Estates Tasks Restricted, a Bengaluru-based actual property developer, has signed a non-binding letter of intent with non-public fairness main the Blackstone Group to promote just a few of its industrial workplaces, retail and lodge properties.

Blackstone is the world’s main funding corporations having over $564 billion in belongings beneath administration together with funding automobiles centered on non-public fairness, actual property, public debt and fairness, life sciences, progress fairness, opportunistic, non-investment grade credit score, actual belongings and secondary funds, all on a worldwide foundation.

“The corporate is to supply 16 to 20 million sq. toes of hire yielding properties to Blackstone. The worth is anticipated to be identified solely after the completion of due diligence and regulatory approvals,” an organization official stated.

Via the deal, Status Estates is anticipated to cut back its debt.

Learn extra: Status Estates Tasks is on a sound footing. Right here’s why

On Saturday, Status Estates in a regulatory submitting to exchanges, stated “The transactions shall be consummated by way of a mix of main investments, secondary transactions (share buy / enterprise transfers), partnerships / joint ventures or such different modes, as could also be mutually agreed between the events.”

It additional added “Pursuant to the phrases of the letter, the corporate has supplied to Blackstone, exclusivity in relation to the transactions contemplated within the Letter. The consummation of the transactions shall be topic to completion of due diligence, finalization of the transaction construction, negotiation and execution of the definitive paperwork, satisfaction of the situations precedent in such definitive paperwork and receipt of approvals, if any required.”

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