Wednesday, April 24, 2024
HomeNewsReal EstatePrestige Group signs deal with ADIA and Kotak AIF

Prestige Group signs deal with ADIA and Kotak AIF

Prestige Group, has entered into a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for Rs 2,001 crore (~$240 Million)The company will develop projects with gross development value (GDV) of Rs 18,000 crore across four cities – Bengaluru, Mumbai, Goa and the National Capital Region (NCR).

Venkat K Narayana, group CEO of the company said said “Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa and NCR.”

In a separate regulatory filing, Prestige Estates Projects informed that it has acquired 50% partnership interest in Prestige Realty Ventures for approximately Rs. 165 crore. With this acquisition, the company will hold 99.90% partnership interest in Prestige Realty Ventures.

Prestige Realty Ventures has developed commercial building Prestige Techcloud and hotel Moxy – Prestige Tech Cloud at Bengaluru.

The company had entered into deed of adherence with Prestige Retail Ventures for transferring entire equity stake of 50% held by the company in Thomsun Realtors. The company has transferred 42,50,000 equity shares for total consideration of Rs 912.8 million. The company will continue to hold 50% stake in Thomsun Realtors.

Thomsun Realtors holds Forum Kochi mall and Hotel Tribute Portfolio in the city of Kochi.

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