Prestige Estates buys 28.9% stake in DB Realty's Mumbai project

Bengaluru-based realty firm Prestige Estates has bought a 28.99 percent 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 percent (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 center project at Aero City in the national capital with an investment of Rs 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).