Prestige Estates Projects has decided to expand its retail presence to 15 operational malls of 10 million sq ft in the next three years. As of now, it has eight operational malls of 4 million sq ft, mainly in the southern cities, but now it is eying a rental income of ₹400 crore annually from its retail ventures across the country. The plan was to acquire a stake across malls with the latest acquisition in Hyderabad. The Bengaluru-based company through its wholly-owned subsidiary Prestige Retail Ventures acquired 100% stake in Hyderabad's Forum Sujana Mall in a ₹364-crore deal. In 2018, Prestige Estates bought CapitaLand's stake across mall projects for around ₹342 crore. The acquisition included five operational retail malls in Bengaluru, Hyderabad, Mangaluru, Mysuru and Udaipur, and a mall management company. It also included a residential project in Kochi and serviced residences in Bengaluru.
📅Published on:
25 April 2019
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