Prestige Estates hikes stakes to 100 pc in 2 office complexes by buying out DB Group shares for Rs 1,176 cr

New Delhi, May 30 (PTI) Prestige Estates Projects Ltd has increased its stakes in two under-construction office complexes in Mumbai to 100 per cent by buying out shareholdings of DB Group for Rs 1,176 crore.

The Bengaluru-based realty firm had 50 per cent stake each in these two projects and now has acquired balance 50 per cent from DB Group.

Prestige Estates in a statement said it has completed two strategic acquisitions to attain full ownership of Prestige (BKC) Realtors Pvt Ltd and Turf Estate Joint Venture LLP by acquiring balance stake from DB Group.

In the first deal, Prestige Estates’ subsidiary Prestige Falcon Realty Ventures entered into agreements to increase its stake to 100 per cent from 50 per cent by acquiring the remaining securities of Prestige (BKC) Realtors from DB Group for a consideration of Rs 978.70 crore.

Prestige (BKC) Realtors is developing a project with a potential GLA (gross leasing area) of 2.79 million square feet of Grade A office space at Bandra Kurla Complex (BKC).

In the second deal, Prestige Falcon Realty Ventures entered into agreements to acquire the remaining 50 per cent partnership interest in Turf Estate Joint Venture LLP from DB Realty Ltd for a consideration of Rs 197.79 crore.

Through this acquisition, Prestige Group will now hold 100 per cent partnership interest in Turf Estate.

Turf Estate Joint Venture LLP is developing project ‘The Prestige’ with a potential GLA of 2.9 million square feet of Grade A office space in Mahalakshmi area.

“These are two important strategic acquisitions,” said Venkat K Narayana, Group CEO at Prestige Estates Projects.

“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 projects are under construction and expected to be completed within the next 3- 4 years, Narayana said.

Prestige Group is one of the leading real estate developers in the country.

It has diversified business model across various segments,residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India.

The group has completed 281 projects spanning a developable area of 166 million sq ft and has 57 ongoing projects across segments, with a total developable area of 77 million square feet.

It is planning 44 projects spanning 97 million square feet.

The company holds a land bank of over 680 acre as of March 2023.