Prestige Estates Invests ₹504 Crore to Acquire Half Stake in Mumbai Commercial Project

Real estate developer Prestige Estates Projects Ltd. has acquired a 50% stake in Advent Convention and Hotels International Ltd. (ACHIL) for ₹504 crore as part of its expansion strategy.

Bengaluru-based Prestige Estates has entered into an investment agreement to acquire the stake in ACHIL, which is developing a commercial project in Mumbai, according to a regulatory filing dated July 3.

Under the partnership, Prestige Estates and ACHIL will jointly develop a commercial project on land measuring 21,978.22 square metres in Andheri East, Mumbai.

The acquisition is expected to strengthen Prestige Estates’ presence in the Mumbai real estate market and expand its commercial development portfolio in one of the country’s key business hubs.