Prestige Estate picks up 100% stake in DB Group projects for Rs 1,176 crore

31 May 2023 , 02:24 PM

Prestige Estate Limited informed that it has acquired an additional stake in two under-construction office complexes located in Mumbai.

The company has acquired a 100% stake in DB Group projects for Rs 1,176 crore. Earlier, the firm based in Bengaluru held a 50% stake in each of these two projects and has now has acquired the remaining 50% stake from DB Group.

In a statement, Prestige Estates said that it has acquired the balance stake in DB Group by completing two strategic acquisitions to obtain 100% ownership of Prestige (BKC) Realtors Pvt Ltd and Turf Estate Joint Venture LLP.

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

Prestige (BKC) Realtors will develop a project at Bandra Kurla Complex (BKC) which shall have a potential GLA (gross leasing area) of 2.79 million square feet of Grade A office space.

In the second agreement, Prestige Falcon Realty agreed to acquire a balance 50% partnership stake in Turf Estate JV LLP from DB Realty Ltd for an aggregate amount of Rs 197.79 crore.

Turf Estate Joint Venture LLP is working on a project ‘The prestige’. The said project has a potential GLA of 2.9 million sq. ft. of Grade A office space in the Mahalaxmi Area.

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