Prestige Estates may sell 40% stake in rental unit to raise around Rs 2,000 crore

India’s second largest listed real estate developer Prestige Estates Projects plans to raise at least $300 million, around Rs 2,000 crore, by selling up to 40% stake in its rent-yielding commercial assets and has drawn interest from Canadian Pension Plan and GIC of Singapore. The southern developer has hired JP Morgan to advise on the deal involving a string of shopping malls and office spaces valued at about Rs 5,000 crore, or $750 million, sources directly familiar with the matter said.┬áPrestige is likely to sell anywhere between 26% and 40% stake in the income-generating commercial unit, which will be a subsidiary of Prestige Estates.

Read more: Economic Times