Prestige to acquire CapitaLand's mall biz stake for Rs 342 cr

Press Trust of India  |  New Delhi 

Realty firm today said it will acquire CapitaLand's stake in seven entities engaged in for Rs 342 crore.

Last week, Bengaluru-based developer had purchased 66.66 per cent stake in its group firm, which holds a land parcel of 180 acres in Bengaluru, from and land owners for Rs 324 crore.


"The management sub committee of the company has approved of CapitaLand's stake in entities engaged in business of ..for an aggregate consideration of approximately Rs 342 crore," said in a filing.

will acquire balance 49 per cent stake in Prestige Mysore Retail Ventures Pvt Ltd, which owns a retail mall in Mysore with 0.32 million sq ft of leasable area.

It will buy balance 49 per cent in Prestige Mangalore Retail Ventures Pvt Ltd, which owns an operating in Mangalore having a leasable area of 0.66 million sq ft.

Prestige will purchase a balance 50 per cent stake in Prestige Garden Constructions Pvt Ltd, which owns an operating and Oakwood Serviced residences at

The developer will acquire an additional 24.5 per cent stake in Babji Realtors Pvt Ltd, which owns an operating in with a leasable area of 0.81 million sq ft.

Prestige will also increase its stake from 37 per cent to 50 per cent in Thomsun Realtors Pvt Ltd, which owns mall and apartments at Kochi.

The company will acquire 100 per cent stake in Flicker Projects Pvt Ltd that owns and operates a named 'Celebration Mall' at Udaipur.

Prestige Estate will acquire balance 50 per cent stake in a mall management firm CapitaLand Retail Prestige Mall Management Pvt Ltd, the filing said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 01 2018. 18:00 IST