Prestige Estates hikes stakes to 100% in 2 office complexes by buying out DB Group shares for Rs 1,176 crore

Prestige Estates has become the 100% owner of two under-construction office complexes in Mumbai. The Bengaluru property development firm bought out the shareholdings of DB Group for INR1,176 crore ($167m). Prestige Estates each had a 50% stake in the two projects, which are expected to be completed in three to four years. The acquisitions give Prestige ownership of properties with a potential gross leasing area of 5.69 million sq ft. It has operations in more than 12 major Indian locations and a diversified business model across residential, office, retail, hospitality, property management and warehouses.