| Prestige Estates Projects completes 2 strategic acquisitions to attain full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP by acquiring balance stake from DB Group.
a) On 29 May 2023, the Company, acting through its wholly owned subsidiary, Prestige Falcon Realty Ventures, entered into agreements to increase its stake to 100% from 50% by acquiring the remaining securities of Prestige (BKC) Realtors from DB Group and its subsidiaries for a consideration of Rs 978.70 crore.
Prestige (BKC) Realtors 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 29 May 2023, through its wholly owned subsidiary, Prestige Falcon Realty Ventures, to acquire the remaining 50% 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% 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. |