NEW DELHI: Prestige Estates Projects has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International, as disclosed in a regulatory filing.
The acquisition will be completed through a cash payment, with the company and/or its wholly-owned subsidiary planning to invest up to ₹504 crore. The deal is expected to finalize within 45 days from the agreement date.
The goal of this acquisition is to develop a commercial project on a 21,978.22 sq meters plot located in Sahar village, Andheri East, Mumbai.
The upcoming project will offer a total leasable area of approximately 1.50 million sq ft, with a gross development value estimated at around ₹4,500 crore.
