Prestige Estates Has Acquired DB Realty's Stake in Two Mumbai Real Estate Projects

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Prestige Falcon Realty Ventures, a wholly-owned subsidiary of the Bengaluru-based real estate developer, has increased its stake in Prestige BKC Realtors from 50% to 100% by paying INR 978.7 Crore for securities from DB Realty and its subsidiaries.

Also Read: Prestige Estates Surpasses INR 10,000 Cr Presales

In 2020, Prestige Falcon supplanted IIRF XI Holdings and Vistra ITCL in order to acquire a stake in DB (BKC) Realtors. The company, subsequently renamed Prestige (BKC) Realtors, constructs commercial developments in the Bandra Kurla neighbourhood of Mumbai.

Additionally, Prestige Estates paid INR 197,8 billion to acquire DB Realty's stake in Turf Estate Joint Venture. In 2021, Prestige Falcon Realty Ventures joined DB Realty as an equal partner in Turf Estate Joint Venture. The company is developing 2.6 million square feet of mixed-use structures in the Mumbai suburb of Mahalakshmi, including two office towers and retail space.

These are strategic assets, and Prestige Group intends to consolidate its position in these key locations.