“The company intends to develop a state of the art commercial office space with over 6 mln sq ft of developable area (on the plot),” Prestige Estates Projects said.
The acquisition will be made by purchasing 22 cr shares of Sterling Urban Infraprojects Pvt Ltd.
Sterling Urban Infraprojects was set up in 2007 and is in the business of construction and real estate development, Prestige Estates said. The company, however, has not been conducting any business in the last three years.
The remaining 20% stake in Sterling will be owned by the original landowner group and its affiliates, Prestige Estates said.
Prestige Group is one of the most recognizable brands in the real estate market of Bangalore and Chennai. It operates many large office buildings that are home to big multinational companies.
The company also has projects in Pune, Goa and Ahmedabad. It has completed 212 real estate projects with developable area of over 81 mn sft.
Prestige Estates has 51 ongoing projects across segments, with total developable area of 53 mn sft. It also has 48 mn sff of upcoming projects and holds a land bank of 424 acres with potential developable area of over 42 mn sft, according to the company.