Prestige buys 49% stake in office project for Rs 57cr

Prestige Estates Projects has bought back about 49 per cent stake in its 8-acre commercial project in Bengaluru from CMIDF Whitefield Mall (Singapore) for Rs 57 crore.
"Prestige Alta Vista Holdings, a subsidiary of Prestige Estates Projects Ltd, has purchased approximately 49 per cent of the securities held by CMIDF Whitefield Mall (Singapore) Pte Ltd in Prestige Whitefield Investment and Developers Pvt Ltd for Rs 56.87 crore," Bengaluru-based developer said in a regulatory filing.
Prestige Whitefield Investment and Developers Pvt Ltd owns a land parcel of about 8 acres and is engaged in development of commercial space. The company was incorporated in January 2008 in Karnataka and has operations only in Bengaluru, the filing added.

Post-acquisition, Prestige Estates will directly/ indirectly, own and control, about 80 per cent of the shares in the Prestige Whitefield Investment and Developers Pvt Ltd.
According to sources, Prestige Estates had originally planned to develop a shopping mall on this land parcel. Now, the company has decided to construct a one million sq ft office complex on the site.
The construction work of the office complex has started, they added.