Realty firm Prestige Estates Projects has formed a joint venture with Century group to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore.
Prestige Estates, one of the leading real estate firm in the country, plans to develop around 2.5 million sq ft of space in this park.
"We have formed a joint venture with Century group for the development of office park in Bengaluru," Prestige Office Ventures CEO Juggy Marwaha told PTI.
Century group owns around 16 acre of land through two special purpose vehicles (SPVs), he said.
Prestige group has acquired stakes in these two SPVs. It has picked up 45 per stake in Century Megacity and 55 per cent stake in Century Landmark.
The planning work for the development of this office park has started and the construction work will start in the next six months. The project will get completed in the next three years.
Asked about the investment, Marwaha said, "The JV already has the land. The construction cost will be around Rs 900 crore which will be funded by the JV through equity and debt." In October last year, Prestige Estates partnered with Brigade group to jointly develop a commercial project, comprising a shopping mall and a hotel, in Chennai at an estimated construction cost of around Rs 500 crore.
"Prestige group is rebuilding and re-investing in building over 42 million sq ft of office parks and future proof buildings all across the country under its 2.0 office ventures business," Marwaha said.
These parks are being designed by internationally acclaimed architects and consultants, he said.
"It's human experience that we are focusing on," Marwaha added.
Last month, Prestige Estates signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs 9,160-crore deal.