Bengaluru-based Prestige Estates Projects has made two strategic acquisitions to achieve complete ownership of two key projects in Mumbai by picking up balance stake for a total sum of over Rs 1,176 crore. The developer has entered into agreements through its wholly-owned subsidiary, Prestige Falcon Realty Ventures to consolidate its holdings.

The projects are located in central Mumbai’s Bandra-Kurla Complex (BKC) and south Mumbai’s Mahalaxmi locality, which are currently under construction and are expected to be completed within the next three to four years.

Through the agreement, the developer will increase its stake to 100 percent from 50 percent by acquiring the remaining securities of Prestige (BKC) Realtors from DB Group and its subsidiaries for Rs 978.70 crores. Prestige (BKC) Realtors is developing a project with a potential gross leasable area of 2.79 million sq. ft. Grade-A office space in BKC.

The real estate company also entered into a pact to acquire the remaining 50 percent partnership interest, giving it 100 percent ownership in Turf Estate Joint Venture (JV) from DB Realty, with the transaction closing at Rs 197.79 crore. Turf Estate JV is engaged in developing a project 'The Prestige' with a potential gross leasable area of 2.9 million sq. ft. of office space in Mahalaxmi.

The increased stake will bring enhanced value to the company’s annuity rental portfolio. The Prestige Group has so far completed 281 projects and has 57 ongoing projects across segments. It is planning another 44 projects spanning 97 million sq. ft.