Prestige Group on expansion spree

Prestige Group on expansion spree

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Bangalore-based realty developer Prestige Group, which is into residential, commercial, retail, leisure & hospitality projects is on the expansion spree.

The company will be launching 2-3 large-scale IT developments in Bangalore. Simultaneously, we will be developing an IT Park in Pune and an office building in Gift City, added Irfan Razack – CMD, Prestige Group.

Irfan Razack stated, “In the retail space, we will be opening the Mysore Centre City Mall in January. Forum Prestige Shantiniketan, Whitefield is expected to be ready in the second quarter of 2018. Both our hospitality projects, The Sheraton Grand and The Conrad will start operations from February.”

The company also announced “Forum” brand, with the inauguration of Forum Centre City Mysuru. The mall spans over 5.85 lakhs sq. ft of built up area with a retail space of 3.16 Lakhs sq. ft spread across four levels, encompassing an ideal mix of international and popular brands in categories of fashion, accessories, footwear, home furnishing, cinema, family entertainment centre and food.

Recently, the company through its subsidiary has concluded acquisition of CapitaLand’s stake in various SPVs for a total consideration of around INR 342 Crs. The he acquisition will boost Prestige’s annuity portfolio with an estimated incremental rental income to the tune of INR 75 Crs per annum. In addition, the acquisition includes a 143 keys operating Oakwood serviced Residences at Whitefield in Bangalore with a revenue of around INR 190Mn and a residential project with a potential developable area of 0.6 mn. sft. at Kochi.

The company also announced “Forum” brand, with the inauguration of Forum Centre City Mysuru. The mall spans over 5.85 lakhs sq. ft of built up area with a retail space of 3.16 Lakhs sq. ft spread across four levels, encompassing an ideal mix of international and popular brands in categories of fashion, accessories, footwear, home furnishing, cinema, family entertainment centre and food.

Currently, the company has 53 ongoing projects across segments, with total developable area of 54 mn sft. It also has 48 mn sft of upcoming projects and holds a land bank of 424 acres with potential developable area of over 42 mn sft.