New Delhi, December 24, 2015: Prestige Estates Projects Limited (“Prestige”), acting through its subsidiary Valdel Xtent Outsourcing Solutions Private Limited is proposing to purchase all securities held by the foreign investors in Exora Business Park (“Exora”).
Exora, situated on the outer ring road in Bangalore, is a state of the art technology park, developed by Prestige. The business park has been completely developed and leased toreputed MNC’s like JPMorgan, Juniper Networks, LinkedIn, PriceWaterhouse Coopers, Schneider Electric and Bosch.
Mr. Irfan Razack, Chairman and Managing Director of the Prestige group said “We have, over the years, worked towards developing this project, deploying investment and expertise. The asset has matured and is completely leased out to marqueclients. This acquisition is a strategic decision and will result in increase in asset base and contribute to the Company’s annuity stream of income.”
The transaction will result in one of the largest exits in real estate private equity space.
Mr. Subhash Bedi, Chairman, Rising Straits Capital said “We have been equity partners in this project for more than 8 years, and have supported it through the complete development and leasing lifecycle. The transaction is an excellent example of value creation through a long trem association with a trusted development partner”
