Cyril Amarchand Mangaldas (CAM) and Trilegal advised on CPPIB’s INR 3,000 crore investment in Prestige Hospitality Ventures.
Canada Pension Plan Investment Board (CPPIB) proposed to invest INR 3,000 crore in Prestige Hospitality Ventures Limited (PHVL), the hospitality platform of Prestige Estates Projects Limited.
Subject to receipt of regulatory approvals and upon consummation of the investment, CPPIB will acquire a stake of ~27% and the investment marks CPPIB’s first direct investment in India’s hospitality sector.
Prestige Hospitality Ventures owns luxury and premium hotels in key gateway cities across India, with a development pipeline spanning Bengaluru, Chennai, Delhi, Goa, Hyderabad and Mumbai.
Cyril Amarchand Mangaldas acted as legal counsel for Prestige Estates Projects Limited (Prestige Estates) and Prestige Hospitality Ventures Limited (PHVL) in relation to CPP Investments’ proposed investment.
The transaction team was led by Senior Partner Reeba Chacko and Partner KZ Kuriyan, with support from Senior Associates Akash Jose, Mayank Jain and Isiri SD, and Associate Anusha Nookala.
Partner Avaantika Kakkar (Head – Competition) and Partner Dhruv Rajain, with support from Principal Associate Rajat Sharma and Senior Associate Vanya Agarwal, advised on the competition aspects of the transaction. Consultant Aditi Aggarwal and Senior Associate – Designate Aayush Sinha assisted with aspects relating to hotel operator and lender arrangements. Partner Janhavi Manohar, with support from Senior Associates Surya Rajkumar and Vishesh Jain, and Associates Parameswaran Chidamparam, Monusha Nambiar and Mohnish Khandale, assisted with the capital markets aspects of the transaction.
Trilegal advised the Canadian Pension Plan Investment Board on its proposed direct investment of INR 30 billion (c. C$441 million) in Prestige Hospitality Ventures, the hospitality arm of the Prestige Group.
The Transaction Team advising on the matter was led by Partner Sai Krishna Bharathan and comprised Senior Associate Raina Mitra and Associates Archi Jain and Annika Bohra.
