Prestige Estates to sell 25% offices to individual investors
Real estate developer Prestige Estates Projects Limited (PEPL) plans to sell 25% of its office portfolio to individual investors to expand its commercial business.
The Bengaluru-based firm, which that got listed in 2010, ceased to sell office assets to individual investors post listing.
Prestige Group CEO Venkat K Narayana said that they will be resuming strata sales (or sales to retail or individual investors) of office assets as many investors are looking to invest in yielding assets. This will also give them the required liquidity as they look to scale up their commercial business. However, they will continue to retain majority of the portfolio.
The company has 23 million square feet of office portfolio operating and under construction, in southern cities. It is targeting an increase in rental income to Rs 2,600 crore by 2022-23, up from Rs 860 crore now.