Prestige Estates Projects has on December 27, 2024 entered into a Business Transfer Agreement (BTA) with Prestige Hospitality Ventures, a wholly owned subsidiary for transferring the Business undertaking consisting of Mulberry Shades Bengaluru Nandi Hills, A Tribute Portfolio Resort; Underlying land along with all rights at Moxy Outer Ring Road; and 57.45% equity shares of Prestige Leisure Resorts.
The Hospitality Undertaking held by the company has been transferred to Prestige Hospitality Ventures, wholly owned subsidiary of the company for the purpose of consolidating hospitality assets under a single vertical. Consideration received from such sale/disposal is Rs 313 crore.
Prestige Estates Projects is the flagship company of the Prestige Group. 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.
