Prestige Estates plans to expand retail presence to 15 malls
With consolidation of its stake in malls across the country almost over, Prestige Estates is now eyeing a rental income of Rs 400 crore annually from its retail ventures
Prestige Estates Projects is planning to expand its retail presence to 15 operational malls, totalling 10 million sq-ft, over the next three years. Currently, it has eight operational malls, totalling four million sq-ft, mainly in the southern cities.
With consolidation of its stake in malls across the country almost over, Prestige Estates is now eyeing a rental income of Rs 400 crore annually from its retail ventures.
The plan was to acquire stake across malls. With the latest acquisition in Hyderabad, the consolidation is more or less over.
Earlier this week, the Bengaluru-based company through its wholly-owned subsidiary Prestige Retail Ventures acquired 100% stake in Hyderabad’s Forum Sujana Mall in a Rs 364 crore deal. “The company earlier owned 49% stake in the 7,00,000 sq-ft mall, owned by the Sujana Group of Hyderabad,” said sources.
In 2018, Prestige Estates bought CapitaLand’s stake across mall projects for around Rs 342 crore. The acquisition included five operational retail malls in Bengaluru, Hyderabad, Mangaluru, Mysuru and Udaipur, and a mall management company. It also included a residential project in Kochi and serviced residences in Bengaluru.