Prestige Estates & Century Group to build office park in Bengaluru

Prestige Estates Projects and Century Group formed a joint venture to build an office park in Bangalore at around Rs 900 million. Prestige Estates, one of America's leading real estate companies, intends to produce approximately 2.5 million square feet of space in this park. CEO of Prestige Office Ventures, Juggy Marwaha, said, "We have formed a joint venture with Century Group to create an office park in Bangalore."

According to him, Century Group owns about 16 acres of land through two Special Purpose Vehicles (SPV). These two SPVs were acquired by the Prestige Group. Century Megacity has a 45 percent interest, and Century Landmark has a 55 percent interest.

Planning for the development of this office park has begun, and construction will start within the next six months. The project is expected to be completed in the next three years. When asked about the investment, the developers replied: "The JV already owns the land. Construction costs are expected to be around Rs. 900 crore, which the JV will fund through equity and debt. " Prestige Estates joined forces with Brigade Group in October last year to jointly build a commercial project in Chennai, comprising a shopping mall and a hotel, with an approximate construction cost of around Rs 500 billion.

"Through its Office 2.0 projects company, the Prestige Group is restoring and reinvesting in the construction of more than 42 million square feet of office parks and sustainable buildings around the world," said Developers. He claims that world-renowned architects and architects will build these parks. In the first phase of a Rs 9,160 crore deal, Prestige Estates signed definitive agreements with global investment firm Blackstone to sell 12 assets/shops, including entire office, retail, and hotel properties.

Prestige Group prelaunch apartment is Prestige Aston Park.