Prestige Estates Projects Ltd, a leading real estate development company, completes 2 strategic acquisitions to attain full ownership of Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP by acquiring balance stake from DB Group, the company announced today through an exchange filing.
The Company announced today, through its wholly owned subsidiary Prestige Falcon Realty Ventures Pvt Ltd, finalized agreements to acquire the remaining securities of Prestige (BKC) Realtors Private Limited from DB Group and its subsidiaries. This acquisition will increase the Company's stake from 50% to 100% and involves a payment of ₹978.70 Crores.
Prestige (BKC) Realtors Private Limited is developing a project with a potential GLA of 2.79 Mn sft of Grade A office space in Mumbai's Bandra Kurla Complex.
Prestige Estates made a second acquisition announcement as well, through its wholly owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd, the company entered into agreements to acquire the remaining 50% partnership interest in Turf Estate Joint Venture LLP from DB Realty Ltd. The acquisition, valued at ₹197.79 Crores, will enable Prestige Group to possess a 100% partnership interest in the LLP.
Turf Estate Joint Venture LLP is developing a project, known as The Prestige, with a potential GLA of 2.9 Mn sft 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 consolidating 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," he added.