Prestige Estates plans to expand retail presence to 15 malls.

Prestige Estates Projects is planning to expand its retail presence to 15 operational malls, totalling 10 million sq ft, over the next three years. Currently, it has eight operational malls, totalling 4 million sq ft, mainly in the southern cities. 

With consolidation of its stake in malls across the country almost over, Prestige Estates is now eyeing a rental income of Rs. 400 crore annually from its retail ventures. 

“The plan was to acquire stake across malls. With the latest acquisition in Hyderabad, the consolidation is more or less over,” said people aware of the plans. “The net operating income from the Hyderabad mall (alone) is over Rs. 95 crore.” 

ET