Prestige Estate has entered into binding agreement for acquisition of 80% stake held by Investors and its affiliates in Sterling Urban Infraprojects. The acquisition is proposed to be completed by March 31, 2018.
Sterling Urban Infraprojects owns land parcels of around 59 acres in Bangalore. The company intends to develop state of the art commercial office space with over 6 million sq. ft. of developable area. The transaction is in the ordinary course of business and is being done at arm's length on a cash consideration of Rs 336 crore.
Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.
