Prestige Estates Projects Ltd — the real-estate arm of Bengaluru-based Prestige Group — is in ongoing discussions with strategic investors as it explores the potential formation of a Real Estate Investment Trust (REIT) for its office assets, according to the company’s office ventures CEO, Juggy Marwaha.
In remarks reported by Moneycontrol, Marwaha said Prestige is evaluating partnerships with large funds and industry players that can support expansion of its Grade-A office portfolio, rather than relying solely on internal equity. The goal of these talks is to identify quality partners who can provide capital to fuel growth and mitigate risk.
One potential partner highlighted in discussions is Blackstone, a major global investment firm with a long track record in India’s commercial real estate market. Blackstone has previously collaborated with Prestige: in 2021, the company sold a 17-million-sq ft office and mall portfolio to Blackstone for USD 1.5 billion, assets that later formed part of two Blackstone-sponsored REITs.
Setting up a REIT could allow Prestige to unlock value from its office holdings, diversify its funding base, and broaden liquidity — benefits demonstrated by listed REITs such as Embassy Office Parks REIT and Mindspace Business Parks REIT. The move aligns with broader industry expectations that more REIT listings could emerge in 2026, as developers seek investor appetite for income-generating real-estate vehicles.
Prestige’s office portfolio includes flagship developments such as Prestige Lakeshore Drive in Bengaluru’s Bellandur area, a Grade-A office campus with an estimated leaseable area of around 3 million sq ft developed in partnership with Blackstone.
Marwaha noted that strategic partners can help Prestige expand its recurring revenue base and capitalise on long-term leasing opportunities. Discussions are ongoing and at a preliminary stage, with no final investment agreement yet concluded.
If successfully completed, the formation of a REIT or similar structure could mark a significant milestone for Prestige’s office business — bringing additional capital, enhancing scale, and diversifying the real estate investment landscape in India.
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