Prestige Estates Projects Limited , a Bengaluru-based real estate developer, has signed a non-binding letter of intent with private equity major the Blackstone Group to sell a few of its commercial offices, retail and hotel properties.

Blackstone is the world’s leading investment firms having over $564 billion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

“The company is to offer 16 to 20 million square feet of rent yielding properties to Blackstone. The value is expected to be known only after the completion of due diligence and regulatory approvals,” a company official said.

Through the deal, Prestige Estates is expected to reduce its debt.

Read more: Prestige Estates Projects is on a sound footing. Here’s why

On Saturday, Prestige Estates in a regulatory filing to exchanges, said “The transactions will be consummated through a combination of primary investments, secondary transactions (share purchase / business transfers), partnerships / joint ventures or such other modes, as may be mutually agreed between the parties.”

It further added “Pursuant to the terms of the letter, the company has provided to Blackstone, exclusivity in relation to the transactions contemplated in the Letter. The consummation of the transactions will be subject to completion of due diligence, finalization of the transaction structure, negotiation and execution of the definitive documents, satisfaction of the conditions precedent in such definitive documents and receipt of approvals, if any required.”