Prestige group and Brigade Group Partner for Bengaluru Commercial Project

Prestige group and Brigade Group Partner for Bengaluru Commercial Project

Prestige Estates and Brigade Group, leading real estate developers, have joined forces to develop a commercial project in Bengaluru.

Project Details:

• Location: Old Madras Road (OMR), Bengaluru
• Land Area: 7.5 acres (leased for 99 years)
• Project Size: 1 million sq ft
• Estimated Cost: Rs 500 crore
• Project Components: Shopping mall and a 125-key hotel

Partnership Structure:

• Prestige Group: 70% ownership stake
• Brigade Group: 30% ownership stake

Project Timeline:

• Construction to begin after obtaining the necessary approvals.
• Funding will come from a combination of equity investments and debt.

Significance:

• Despite the challenges posed by COVID-19, Prestige Group remains optimistic about India’s commercial real estate sector.
• This project strengthens both companies’ commercial portfolios in Bengaluru.

Additional Notes:

• Prestige Group recently announced a separate deal to sell office, retail, and hotel properties to Blackstone for approximately Rs 12,000 crore.
• The funds from this sale will be used for debt reduction and future expansion.

This collaboration between Prestige and Brigade signifies continued investment in Bengaluru’s commercial real estate market. The project is expected to offer a mix of retail and hospitality options upon completion.

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in