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Prestige Estates & Century Group to build office park in Bengaluru

Posted by Balaji on April 26, 2021
| 0

Prestige Estates Projects and Century Group have formed a joint venture to build an

office park in Bengaluru with a construction cost of about Rs 900 crore. Prestige

Estates, one of the country’s leading real estate companies, intends to build

approximately 2.5 million square feet of space in this park.

 

Prestige Office Ventures CEO Juggy Marwaha told, “We have formed a joint venture

with Century group for the creation of an office park in Bengaluru.”

 

According to him, the Century group owns about 16 acres of land through two special

purpose vehicles (SPVs).

 

These two SPVs have been acquired by the Prestige Group. Century Megacity has a 45

percent stake, and Century Landmark has a 55 percent stake.

 

The planning for this office park’s development has begun, and construction will begin

within the next six months. In the next three years, the project will be finished.

 

When asked about the investment,  developers said, “The land is already owned by the

JV. The construction cost is expected to be about Rs 900 crore, which will be funded by

the JV through equity and debt.”

 

The construction cost is expected to be about Rs 900 crore, which will be funded by the

JV through equity and debt.”

 

Prestige Estates partnered with Brigade Group in October of last year to jointly build a

commercial project in Chennai that includes a shopping mall and a hotel, with

an approximate construction cost of around Rs 500 crore.

 

“Through its 2.0 office projects firm, the Prestige Group is restoring and re-investing in

building over 42 million sq ft of office parks and future-proof buildings all across the

world,” Developers said.

 

He claims that these parks are being built by globally renowned architects and

consultants.

 

In the first phase of a Rs 9,160-crore contract, Prestige Estates signed definitive

agreements with a global investment firm  Blackstone to sell 12 assets/undertakings,

including completed office, retail, and hotel properties.

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