Prestige Group acquires stakes worth Rs.324 crore

Prestige Group, through its subsidiary, has concluded acquisition of CapitaLand's stake in various SPVs for a total of about Rs 324 crore. The acquisition will boost Prestige's annuity portfolio with an estimated incremental rental income to the tune of Rs 75 crore per annum. The acquisition also includes 143 keys operating Oakwood serviced residences at Whitefield in Bengaluru with a revenue of about Rs 10.9 crore and a residential project with a potential developable area of 0.6 mn sq ft at Kochi.