Prestige Estates Projects has formed a joint venture (JV) with Century Group to develop an office park in Bengaluru, Karnataka, with an estimated construction cost of about Rs 900 crore.
Prestige Estates plans to develop around 2.5 million sq ft space in this park. Century Group owns around 16 acre of land through two special purpose vehicles (SPVs). Prestige Group has acquired stakes in these two SPVs. The company has picked up 45 percent stake in Century Megacity and 55 percent stake in Century Landmark.
The planning work for development of this office park has started and construction work will commence in the next six months. The project is expected to be completed in the next three years.
The construction cost of the project will be around Rs 900 crore which will be funded by the JV through equity and debt.
In October 2020, Prestige Estates partnered with Brigade Group to jointly develop a commercial project, comprising shopping mall and hotel in Chennai, Tamil Nadu, at an estimated construction cost of around Rs 500 crore.
Prestige Group is rebuilding and reinvesting in building over 42 million sqft office parks and future proof buildings all across the country under its 2.0 office ventures business. These parks are being designed by internationally acclaimed architects and consultants.
In March 2021, Prestige Estates had inked definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in Phase-I of Rs 9,160 croredeal.