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.
a) On May 29, 2023, the Company, acting through its wholly owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd, entered into agreements to increase its stake to 100% from 50% 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 of 2.79 Mn sft of Grade A office space in Mumbai’s Bandra Kurla Complex.
b) On the Second acquisition, Prestige Estates announced that it has also entered into agreements, on May 29, 2023, through its wholly owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd, to acquire the remaining 50% partnership interest in Turf Estate Joint Venture LLP from DB Realty Ltd for a consideration of Rs 197.79 Crores. Through this acquisition, Prestige Group will now hold 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 Mr 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.”
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