Prestige Estates buys 28.9% stake in DB Realty's Mumbai project1 min read . Updated: 18 Nov 2019, 09:38 PM IST
- DB Group had acquired the development rights on the 7.70 acre land parcel in 2009 from Delhi International Airport Ltd (DIAL)
- The deal value was not disclosed
NEW DELHI : Bengaluru-based realty firm Prestige Estates has bought 28.99% stake in a commercial project in Mumbai of DB Realty.
The deal value was not disclosed.
In a regulatory filing, DB Realty informed that Prestige Falcon Realty Ventures, a wholly-owned subsidiary of Prestige Estates Projects Ltd, has acquired 1,32,854 equity shares representing 28.99 per cent (without considering other convertible instruments in the entity) of the equity share capital of DB (BKC) Realtors from Trinity Capital (Ten) Ltd.
Last month, Prestige Estates Projects Ltd on announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of ₹2,000 crore.
DB Group had acquired the development rights on the 7.70 acre land parcel in 2009 from Delhi International Airport Ltd (DIAL).