Prestige Group, a leading real estate developer in the country, through its wholly owned special purpose vehicle (SPV) is acquiring 66.66% stake from private equity partner Red Fort India Real Estate and land owners in its group company – Prestige Projects Pvt. Ltd (PPPL).
The company already owns 33.34%. PPPL has a land parcel measuring over 180 acres which is located near Sarjapur Road, Bengaluru.
Irfan Razack, CMD, Prestige Group said “This transaction will help us enter into the affordable housing segment in a big way. The proposed project in the SPV has a significant potential to grow our profitable revenue base and further strengthen our market share in the micro-market.”
Venkat K Narayana, CEO, Prestige Group said, “This strategic acquisition of 66.66% stake will move PEPL’s stake in SPV to 100% ownership. The consideration for the same is around INR 324 Crs. The total developable area of the project will be around 7.5 Mn Sft approx., and we estimate top line revenue potential of over INR 3,500 Crs from this development”