Century Group in JV launches ₹900-cr office park in Bengaluru

Century Group in partnership with Prestige Estates has formed a joint venture to develop an office park in Bengaluru involving an investment of ₹900 crore. Prestige Estates, one of the leading real estate firm in the country, plans to develop around 2.5 million sq ft of space in this park. CEO of Prestige Office Ventures, Juggy Marwaha, informed that the group owns around 16-acre of land through two special purpose vehicles (SPVs) and the Prestige group has acquired stakes in these two SPVs and has picked up 45 per stake in Century Megacity and 55 per cent stake in Century Landmark. The planning work for the development of this office park has started and the construction work will start shortly and will be completed in the next three years. Earlier, Prestige Estates has partnered with Brigade group to jointly develop a commercial project, comprising a shopping mall and a hotel, in Chennai at an estimated construction cost of around ₹500 crore.