Prestige Estates buys out DB Group’s stake in 2 Mumbai projects

Prestige Estates has increased its stake to 100 per cent from 50 per cent in the two entities for a consideration of Rs 978.70 crore and Rs 197.79 crore, respectively

Realty developer Prestige Estates Projects has taken full ownership of two ventures - Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP - from Mumbai-based DB Realty through its wholly owned subsidiary Prestige Falcon Realty Ventures Pvt Ltd, the company said in a press document on Tuesday.

It has increased its stake to 100 per cent from 50 per cent in the two entities for a consideration of Rs 978.70 crore and Rs 197.79 crore, respectively.

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Prestige (BKC) Realtors Private Limited is currently developing a project with a potential gross leasing area (GLA) of 2.79 million square feet (msf) of grade A office space in Mumbai's Bandra Kurla Complex while Turf Estate Joint Venture LLP is engaged in a project - The Prestige - with a potential GLA of 2.9 msf in the city’s Mahalakshmi area.

"Both the projects are under construction and are expected to be completed within the next 3- 4 years," said Venkat K Narayana, group chief executive at Prestige Estates Projects Limited.