Prestige Group join hands with CapitalLand

Bangalore: Bangalore-based Prestige Group has entered into joint venture (JV) with CapitalLand Retail India Investments, a wholly owned subsidiary of Singapore-based CapitalLand Limited, which manages a fund of $600 million (Singapore $880 million).

The JV company will invest, develop and manage retail projects in India where Prestige Group has taken up construction.

The JV will create asset value of over S$ 1.12 billion and total leasable area of over 11 million square feet.

Along with the Prestige Group, CapitalLand Retail India Investments has entered into a separate JV with Advance India Projects Limited. The JV will create asset value of S$1 billion.

CapitalLand Retail India with the Prestige group will set up retail mall projects in Hyderabad (8.52 lakh sq feet), Kochi (11 lakh sq feet), Mangalore (4.94 lakh sq feet), Chennai (9.41 lakh sq feet), Forum Value Mall-Bangalore (4.73 lakh sq feet), Graphite India-bangalore (10.52 lakh sq feet) and Mysore (3.60 lakh sq feet).

With Advance India Projects Limited CapitalLand Retail will undertake retail development in Udaipur (3.85 lakh sq feet), Nagpur (12.30 lakh sq feet), Jaipur (5.67 lakh sq feet), Jalandar (8.20 lakh sq feet), Gwalior (9.28 lakh sq feet), Varansai (6.21 lakh sq feet), Amritsar (6.53 lakh sq feet) and Khanna (6.53 lakh sq feet).

Liew Mun Leong, President and CEO, CapitalLand said “Partnering Prestige and Advance India projects will help create 15 properties which are strategically located in 14 cities pan-India. This will provide a head start in the retail real estate business in north and south India.”

Said Irfan Razack, CMD, Prestige Group, “The JV with CapitalLand will further strengthen our hold as one of the most established real estate developers in south India.”