Trilegal advised Canada Pension Plan Investment Board (CPP Investments) on its proposed INR 3,000 crore (approximately C$441 million) investment in Prestige Hospitality Ventures Limited (PHVL), the hospitality arm of Prestige Group. Cyril Amarchand Mangaldas advised Prestige Estates Projects Limited and PHVL on the transaction.
Upon consummation of the investment, CPP Investments will acquire approximately 27% stake in PHVL. The investment marks CPP Investments’ first direct investment in India’s hospitality sector and is expected to support the expansion of Prestige’s hospitality platform.
Trilegal advised CPP Investments on the transaction, including corporate, operational and real estate due diligence, CCI filing, and drafting and negotiation of the transaction documents. The closing of the transaction is subject to completion of conditions precedent, including receipt of regulatory approvals.
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.
The Trilegal transaction team was led by partner Sai Krishna Bharathan, with support from senior associate Raina Mitra and associates Archi Jain and Annika Bohra.
Cyril Amarchand Mangaldas acted as legal counsel to Prestige Estates and PHVL on the transaction. The CAM 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 and Head of Competition Avaantika Kakkar 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.
