Prestige Estates buys out DB Realty’s stake in two projects in Mumbai.

Prestige Estates Projects has bought out DB Realty’s stake in two ventures that are engaged in real estate projects in Mumbai, for ₹1,176.5 crore.

The Bengaluru-based real estate developer’s wholly owned subsidiary Prestige Falcon Realty Ventures has raised its stake in Prestige BKC Realtors to 100 per cent from 50 per cent by acquiring securities from DB Realty and its subsidiaries for ₹978.7 crore.

In 2020, Prestige Falcon acquired stake in DB (BKC) Realtors by buying out holdings of entities such as IIRF XI Holdings and from Vistra ITCL. The entity was subsequently renamed Prestige (BKC) Realtors and it is engaged in building commercial projects in the Bandra Kurla area of Mumbai.

Prestige Estates has also bought out DB Realty’s stake in Turf Estate Joint Venture for ₹197.8 crore. In 2021, Prestige Falcon Realty Ventures invested in Turf Estate Joint Venture as a new partner with an equal share of profit and losses with DB Realty. The company is developing mixed-use projects in Mahalakshmi suburb of Mumbai, covering an area of 2.6 million square feet comprising of two office towers along with retail.

HBL