Prestige Estates Signs ₹3,000 Cr Investment Deal with CPPIB

Prestige Estates Projects Ltd has executed a Binding Framework Agreement with CPP Investment Board Private Holdings (4) Inc. (CPPIB) for an investment of up to ₹3,000 crore in its wholly-owned subsidiary, Prestige Hospitality Ventures Limited (PHVL). CPPIB will acquire up to 28% stake in PHVL through multiple tranches, via a combination of primary and secondary investments. The transaction is subject to due diligence, definitive document execution, and necessary approvals. PHVL is a subsidiary of Prestige Estates, which reported consolidated revenue of ₹131,955 million and standalone revenue of ₹3,458.96 million in the last financial year. CPPIB is a Canadian investment management organization and is not related to Prestige Estates' promoters.