Prestige Estates Plans To Grow Retail Presence Over Next Three Years

With the aim of strengthening its retail existence in the country, Prestige Estates Projects has suggested to expand its reach to 15 operational malls, totaling 10 million sq. ft., over the coming three years. Currently, the group has 8 operational malls in the southern part of the country, with a total space of 4 million sq ft.
According to sources, Prestige Group has already combined with various malls across the country, the number to which is nearly over, and now they are seeking to make money through rentals from retail ventures worth Rs 400 crore annually.
Reportedly,the group was only focusing to acquire stake across malls, but after the acquisition at Hyderabad Forum Mall, the consolidation got over. The net operating income from the Hyderabad mall is more than Rs95 crore.
Before few days, Prestige Retail Ventures, a wholly-owned subsidiary of the Bengaluru-stationed company has purchased 100% stake in Hyderabad’s Forum Sujana Mall. The deal was of valuation Rs 364-crore. Before this acquirement, the group possessed only 49% stake in the 7, 00,000-sq-ft mall, owned by the Sujana Group of Hyderabad.
Prestige group is on an acquisition spree as in 2018, they have purchased CapitaLand’s stake across mall projects for around Rs 342 crore. This possession took place in 5 operational retail malls in Mangalore, Bengaluru, Hyderabad, Mysuru, and Udaipur. Other than this, the group also overtook residential project in Kochi, serviced residences in Bangalore and a mall management company.

With the aim of strengthening its retail existence in the country, Prestige Estates Projects has suggested to expand its reach to 15 operational malls, totaling 10 million sq. ft., over the coming three years. Currently, the group has 8 operational malls in the southern part of the country, with a total space of 4 million sq ft.
According to sources, Prestige Group has already combined with various malls across the country, the number to which is nearly over, and now they are seeking to make money through rentals from retail ventures worth Rs 400 crore annually.
Reportedly,the group was only focusing to acquire stake across malls, but after the acquisition at Hyderabad Forum Mall, the consolidation got over. The net operating income from the Hyderabad mall is more than Rs95 crore.
Before few days, Prestige Retail Ventures, a wholly-owned subsidiary of the Bengaluru-stationed company has purchased 100% stake in Hyderabad’s Forum Sujana Mall. The deal was of valuation Rs 364-crore. Before this acquirement, the group possessed only 49% stake in the 7, 00,000-sq-ft mall, owned by the Sujana Group of Hyderabad.
Prestige group is on an acquisition spree as in 2018, they have purchased CapitaLand’s stake across mall projects for around Rs 342 crore. This possession took place in 5 operational retail malls in Mangalore, Bengaluru, Hyderabad, Mysuru, and Udaipur. Other than this, the group also overtook residential project in Kochi, serviced residences in Bangalore and a mall management company.