J Sagar Associates advised Prestige Estates Projects in sale of stake in mall assets to Blackstone-sponsored Nexus Select Trust
J Sagar Associates advised Prestige Estates Projects in sale of stake in mall assets to Blackstone-sponsored Nexus Select Trust
The documents between the entities were executed in November 2022
J Sagar Associates (JSA) has advised Bengaluru-based real estate developer Prestige Estates Projects Limited in the sale of its minority stake in eight retail mall assets to Blackstone-sponsored Nexus Select Trust.
Nexus Select is India’s first retail-focused real estate investment trust with a portfolio of 17 shopping malls, spanning 9.8 million sq. ft. across 14 cities. It is considered the largest shopping mall platform in the country.
Pursuant to the completion of the IPO, Prestige holds 4.34 percent of the units of Nexus Select.
JSA had also advised Prestige in the sale of a majority stake in the retail mall assets to Blackstone as part of the $1.5 billion Prestige-Blackstone portfolio sale transaction in 2021 and 2022.
The transaction team comprised joint managing partner Vivek K Chandy, partners K Z Kuriyan and Ajay G Prasad, principal associate Aditi Aggarwal and senior associate Aishwarya B Shankar.
