Tuesday, December 22, 2015

#Prestige Estates acquires Exora biz park for Rs 600 cr

Realty major Prestige Estates will buy-back 100% securities held by Red Fort and Varidge Ventures in its project Exora Business Park at Bengaluru for about Rs 600 crore.The acquisition will be made through Valdel Xtent Outsourcing Solutions Pvt. Ltd. a wholly owned subsidiary of Prestige Estates Projects Limited.
Irfan Razack, Chairman and Managing Director of the Prestige group said “We have,over the years, worked towards developing this project, deploying investment and expertise.

The asset has matured and is completely leased out to marque clients. This acquisition is a strategic decision and will result in increase in asset base and contribute to the Company’s annuity stream of income."
Exora Business Park comprises of over two million sq ft of fully-leased commercial space and 90 villas, to be sold at an estimated realisation of about Rs 250 crore. Located in Marathahalli, the park is spread over 22 acres with 2.12 million sq ft of leased area that counts marquee tenants like JP Morgan Chase, Juniper Networks and Xerox. The park earns Rs 130 crore in annual rental.