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Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.
Prestige Estates Projects has successfully completed two acquisitions by acquiring the remaining stake from DB Group, allowing it to gain full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These strategic purchases are expected to significantly enhance the value of Prestige Estates Projects' rental portfolio. Both projects are currently under construction and are projected to be completed within the next three to four years.
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According to Mr Venkat K Narayana, the group CEO of Prestige Estates Projects, these acquisitions mark important milestones for the company. The agreements were finalized on May 29, 2023, through Prestige Falcon Realty Ventures, a wholly owned subsidiary of Prestige Estates Projects. The company increased its stake from 50% to 100% by acquiring the remaining securities of Prestige (BKC) Realtors from DB Group and its subsidiaries for a total of Rs 978.70 crore.
Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, which will potentially offer Grade A office space with a gross leasable area (GLA) of 2.79 million square feet. In addition, Prestige Falcon Realty Ventures acquired the remaining 50% partnership interest in Turf Estate Joint Venture LLP from DB Realty for a payment of Rs 197.79 crore. As a result of this acquisition, Prestige Group now holds a 100% partnership interest in the LLP. Turf Estate Joint Venture LLP is currently working on a project named The Prestige, which aims to provide approximately 2.9 million square feet of Grade A office space in Mumbai's Mahalaxmi locality.
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