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.
