The well-known developer Prestige Estates Projects is likely to purchase malls in major cities in order to expand its rental income base.
According to Suresh Singaravelu, executive director for retail, hospitality and business development at Prestige Group said that the company is in talks to purchase malls in Mumbai and Pune. He also said that the company will enter into this sector in multiple metro cities.
The executive director further said that the company has a forceful mall development pipeline and is also discussing to either buyout or reposition malls. He further added that the company will purchase malls that cover areas from 800,000 sq. ft. to 1 million sq.ft. also because there is a good demand from the brands.
The Prestige group will have 13 malls that will cover 7.5 million sq.ft. of leasable retail space in seven cities, Singaravelu by 2020.
This year the group also purchased a Singapore-based CapitaLand’s stake across five mall projects in Hyderabad, Mangaluru, Mysuru and Udaipur. This also includes a mall management company, operating Oakwood serviced residences in Bengaluru and under-construction properties in Kochi.