Prestige Group acquires CapitaLand’s stake in SPVs for INR 342 crore

Prestige Group acquires CapitaLand’s stake in SPVs for INR 342 crore

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Prestige Group, through its subsidiary has concluded acquisition of CapitaLand’s stake in various SPVs for a total consideration of around INR 342 Crore. The acquisition will boost Prestige’s annuity portfolio with an estimated incremental rental income to the tune of INR 75 Crs per annum.

Irfan Razack – CMD, Prestige Group said, “This acquisition is a necessary step in the expansion of our earnings and strengthening of our annuity portfolio.Our long-term strategy to create value is to diversify our revenue streams, strengthen annuity base and selectively deploy capital to where its value is high. I would like to thank the various stake holders for their support and contributions in concluding this transaction.”

Venkat K Narayana – CEO, Prestige Group said, “Our current estimated exit rental income for FY 18 is around INR 700 Crs, annualised. With this transaction, it will grow by another INR 75 Crs pa.”