Realty firm Prestige Group on Tuesday said it has purchased 66.66 per cent stake in its group firm, which holds a land parcel of 180 acres in Bengaluru, from Red Fort India and land owners for Rs 324 crore. It already has 33.34 per cent stake in Prestige Projects Pvt Ltd (PPPL), which has 180 acres of land in Bengaluru.
Prestige group, through its wholly owned special purpose vehicle (SPV), is acquiring 66.66 per cent stake from private equity partner Red Fort India Real Estate and land owners in its group company Prestige Projects Pvt Ltd (PPPL), the company said in a statement.
PPPL has a land parcel measuring over 180 acres, which is located near Sarjapur Road, Bengaluru. Prestige Group intends to develop a affordable and mid- income housing project comprising of apartments, villas and plots on this land.
Irfan Razack, CMD, Prestige Gr, said: “Our long-term strategy to create value is to diversify our revenue base, expand earnings and strengthen our development pipeline. This deal will help us enter into the affordable housing segment in a big way.”