Prestige Estates buys out DB Group's remaining stake in two Mumbai projects
Prestige Estates Projects on Tuesday said it completed two strategic acquisitions by attaining full ownership in Mumbai's Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP.
ANI
May 30, 2023 15:04 IST
New Delhi [India], May 30 (ANI): Prestige Estates Projects on Tuesday said it completed two strategic acquisitions by attaining full ownership in Mumbai's Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP.
The real estate company acquired the balance stake from DB Group.
On Monday, the company, through its wholly-owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd, entered into agreements to increase its stake to 100 per cent from 50 per cent by acquiring the remaining securities of Prestige (BKC) Realtors Private Limited from DB Group and its subsidiaries for a consideration of Rs 978.70 crores.
Prestige (BKC) Realtors Private Limited is developing a project with a potential GLA (gross leasable area) of 2.79 million square feet of Grade A office space in Mumbai's Bandra Kurla Complex.
On the same day, it entered into agreements through its wholly owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd, to acquire the remaining 50 per cent partnership interest in Turf Estate Joint Venture LLP from DB Realty for a consideration of Rs 197.79 crores.
Turf Estate Joint Venture LLP is developing a project with a potential GLA of 2.9 million square feet of Grade A office space in Mumbai's Mahalakshmi area.
"These are two important strategic acquisitions," said Venkat K Narayana, Group CEO at Prestige Estates Projects Limited.
"These acquisitions help us consolidate our holdings in these marquee assets at key locations. We are confident that the increased stake will substantially enhance the value we bring to our annuity rental portfolio. Both the projects are under construction and are expected to be completed within the next 3- 4 years."
The Prestige Group has completed 281 projects spanning a developable area of 166 million square feet and has 57 ongoing projects across segments, with a total developable area of 77 million square feet. (ANI)
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