Prestige Group said that it has entered into a deal with CPP Investment Board to sell its 51 percent ownership in its commercial project, Prestige RMZ Star Tech, for Rs 1900 crore.
“Prestige Estates Projects has signed definitive documents with CPP Investment Board Private Holdings, for investing in, and/ or acquiring the entire 51 percent of the rights and interest held by the company in the completed commercial asset,” the company said in a regulatory filing.
The overall enterprise value is estimated to be about Rs 1900 crore, according to the business, and the planned transaction would be completed through a combination of primary and secondary investment. Prestige RMZ Star Tech is a commercial project in Bengaluru that is co-owned by Prestige Estates and RMZ and has a total built-up area of 13.94 lakh sqft.
“The company realizes the growth potential that exists in the market. Hence, to maximize the value to the shareholders, it is important to unlock the value of the core assets and redeploy the capital in new projects for business expansion and tap the existing growth potential,” it added.
