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Prestige Group considers REIT IPO for commercial property portfolio

Prestige Group CEO Venkat Narayana said the property developer is considering a real estate investment trust listing as a viable option for its commercial property portfolio, Mint (New Delhi) reported.

The executive added that the REIT-listing of the company's office portfolio may take place after about a year, following the successful float in April of the Blackstone Group Inc.-backed Embassy Office Parks REIT. The REIT IPO of the developer's retail property assets may also follow suit later, according to the publication.

The Bengaluru-based property company currently has 11 million square feet of rent-yielding assets and nearly 15 million square feet of office properties under construction across the southern part of India, the Aug. 18 report noted. Narayana added that over the next three or four quarters, the developer's portfolio will significantly increase.