In order to strengthen its retail presence across the country, Prestige Estates Projects has planned to increase its reach to 15 operational malls, totaling 10 million sq. ft., over the next three years. At present, the Prestige group has 8 operational malls in the southern part of the country, with a total space of 4 million sq ft.
According to sources, Prestige Group has already allied with many malls across the country, the number to which is almost over, so now they are trying to earn money via rentals from retail ventures worth Rs 400 crore annually.
They further said at first, the group was only focusing to acquire stake across malls, but after the acquisition at Hyderabad Forum Mall, the consolidation got over. The net operating income from the Hyderabad mall (alone) is over Rs 95 crore.
A few days back, Prestige Retail Ventures, a wholly-owned subsidiary of the Bengaluru-based company has acquired 100% stake in Hyderabad’s Forum Sujana Mall. The deal was worth Rs 364-crore. Before this acquisition, the group owned only 49% stake in the 7, 00,000-sq-ft mall, owned by the Sujana Group of Hyderabad.
Prestige group is on an acquisition spree as in 2018, they have bought CapitaLand’s stake across mall projects for around Rs 342 crore. This acquisition took place in five operational retail malls in Mangalore, Bengaluru, Hyderabad, Mysuru, and Udaipur. Apart from this, the group also overtook residential project in Kochi, serviced residences in Bangalore and a mall management company.