Prestige Estates Acquires 50% Stake in Advent Convention

Prestige Estates Projects Limited has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International Limited. The target entity is developing a commercial project in Mumbai, encompassing approximately 1.50 million sq. ft. with a Gross Development Value of Rs. 4,500 Crores. The acquisition involves an infusion of up to Rs. 504 crores in cash and is expected to be completed within 45 days. This strategic move aims to bolster Prestige Estates' presence in the commercial real estate sector.