Prestige Estates: CPPIB to invest up to ₹3,000 Cr in hospitality arm

Prestige Estates Projects Ltd has entered into agreements for a strategic investment in its hospitality portfolio with CPP Investments. CPPIB proposes to invest up to INR 3,000 crore in Prestige Hospitality Ventures Limited (PHVL), a wholly-owned subsidiary, through three tranches. This investment, representing approximately 27% stake, will be a combination of primary infusion and secondary purchase. The transaction is subject to regulatory approvals, including from the Competition Commission of India. The first tranche is expected to be completed within 60 days.