In a landmark move, Prestige Group, a leading real estate developer, has finalized a monumental deal worth Rs 2,001 crore (~$240 million) with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF). This significant agreement, facilitated through its subsidiaries, marks a pivotal moment in the real estate landscape.
Under the terms of the deal, Prestige Group will embark on projects with a gross development value (GDV) totaling Rs 18,000 crore across four major cities - Bengaluru, Mumbai, Goa, and the National Capital Region (NCR).
Venkat K Narayana, the Group CEO, expressed his enthusiasm, stating, "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."
Additionally, in a separate regulatory filing, Prestige Estates Projects disclosed the acquisition of a 50% partnership interest in Prestige Realty Ventures for approximately Rs. 165 crore. This strategic move solidifies the company's position, as it now holds 99.90% partnership interest in Prestige Realty Ventures.
Prestige Realty Ventures has already left an indelible mark on Bengaluru's skyline with its development of the prestigious Prestige Techcloud commercial building and the esteemed Moxy - Prestige Tech Cloud hotel.
Moreover, Prestige Estates Projects has furthered its commitment to growth by transferring its equity stake in Thomsun Realtors, retaining a 50% stake in the venture.
This groundbreaking deal between Prestige Group, ADIA, and Kotak AIF is poised to redefine the real estate landscape and set new benchmarks for excellence and innovation.
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