Prestige Group acquires 67% stake in Sarjapur Road project for Rs 324 crore

Bengaluru-based Prestige Group has acquired a 67% stake in a Sarjapur Road project from private equity (PE) partner Red Fort India Real Estate for Rs 324 crore. The company intends to develop a mixed-use project, which will include an affordable and mid-income housing project as well as a retail mall. According to news sources,the company will fund the acquisition through a combination of debt and internal accruals. The total developable area on the plot is approximately 7.5 million sq ft and the company expects a revenue potential of Rs 3,500 crore from this development.