Prestige Estates Acquires 29% In DB Realty’s Mumbai Project
New Delhi: Real estate player Prestige Estates Projects Ltd (PEPL) has bought a 29 percent stake in a DB Realty’s commercial project in Mumbai.
Prestige Falcon Realty Ventures, which is a wholly-owned subsidiary of PEPL, has purchased 1,32,854 equity shares of DB (BKC) Realtors from Trinity Capital (Ten) Ltd, PEPL said in a regulatory filing.
The 1,32,854 equity shares represent 28.99 percent (without considering other convertible instruments in the entity) of the equity share capital of DB (BKC) Realtors. Then value of the transaction has not been disclosed.
Thus, PEPL has entered the commercial property market of Mumbai.
PEPL had recently formed a joint venture with DB Group for development of a hotel and convention centre at Aero City in Delhi. The investment in this project by PEPL was of the order of Rs 2,000 crore.
D B Realty’s consolidated net loss for the second quarter of the current fiscal stood at Rs 76.89 crore.