Prestige buys land from Siemens for Rs. 345 crore.

Prestige City Properties, an arm of real estate company Prestige Estates, has bought 8.5 acres in Bangalore from Siemens for Rs. 345 crore.

The land parcel is located at Koramangala, across the Forum Mall, built by the Prestige group. In a stock exchange notification, Siemens said it sold the land as part of a continuous asset optimisation exercise.

'We have sold the land parcel in Bangalore (July 3, 2014) to Prestige City Properties. The proceeds of the sale are approximately Rs. 345 crore.'

The Prestige group is planning a mixed-use development, but mainly residential.

The group has 171 completed projects aggregating 52.39 million sq ft and 63 ongoing projects with 59.47 million sq ft of developable area.

Twenty-eight of its upcoming projects aggregate 31.96 million sq ft, and span the residential, commercial, retail and hospitality sectors in major South Indian cities.


HBL