Realty firm Prestige Group on Monday said it will acquire CapitaLand’s stake in seven entities engaged in retail real estate for Rs 342 crore.
According to a PTI report: Last week, Bengaluru-based developer had purchased 66.66 per cent stake in its group firm, which holds a land parcel of 180 acres in Bengaluru, from Red Fort India and land owners for Rs 324 crore.
“The management sub committee of the company has approved acquisition of CapitaLand’s stake in entities engaged in business of retail malls…for an aggregate consideration of approximately Rs 342 crore,” Prestige Estates Projects Ltd said in a BSE filing.
Prestige Group will acquire balance 49 per cent stake in Prestige Mysore Retail Ventures Pvt Ltd, which owns a retail mall in Mysore with 0.32 million sq.ft. of leasable area.
It will buy balance 49 per cent in Prestige Mangalore Retail Ventures Pvt Ltd, which owns an operating retail mall in Mangalore having a leasable area of 0.66 million sq ft.
Prestige will purchase a balance 50 per cent stake in Prestige Garden Constructions Pvt Ltd, which owns an operating retail mall and Oakwood Serviced Residences at Bengaluru.
The developer will acquire an additional 24.5 per cent stake in Babji Realtors Pvt Ltd, which owns an operating retail mall in Hyderabad with a leasable area of 0.81 million sq ft.
Prestige will also increase its stake from 37 per cent to 50 per cent in Thomsun Realtors Pvt Ltd, which owns mall and apartments at Kochi.
The company will acquire 100 per cent stake in Flicker Projects Pvt Ltd that owns and operates a retail mall named ‘Celebration Mall’ at Udaipur.
Prestige Estate will acquire balance 50 per cent stake in a mall management firm CapitaLand Retail Prestige Mall Management Pvt Ltd, the filing said.