P Estates unveils $300-mn commercial realty platform
Bengaluru-based Prestige Estates, which currently has more than 36 million sqft of residential and commercial projects under-construction, is currently negotiating with global funds to float over $300-million commercial platform with a development potential of 10-15 million sqft, said Chairman Irfan Razack. The company is also looking to expand its presence in Delhi, NCR and Pune and has acquired 50% stake to develop a 2 million sq ft project with 932 hotel rooms, 6.45 lakh sqft office space, and 2 lakh sq ft convention centre. It also has six malls in the pipeline in addition to 10 operational retail assets. The company is also working towards India's first retail REIT as global investors are bullish on developing countries such as India in the backdrop of success of its India's first REIT.
📅Published on:
29 October 2019
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