M&A

M&A

Prestige Estates acquires 50% stake in Advent Hotels for Rs.504-Cr

BSE Announcement   Economic Times  

Bengaluru-based realtor Prestige Estates has acquired a 50% stake in Mumbai-based Advent Convention and Hotels International for INR 504 crore.Advent Convention is undertaking the development of a commercial project in Andheri East, Mumbai. The planned development covers 21,978.22 square meters of land and is expected to provide 1.50 million sq ft of leasable area, with a gross development value estimated at INR 4,500 crore.