- Prestige Estates acquires 50 percent stake for $53.12 million.
- Project at Andheri East covers 1.5 million square feet leasable area.
- Gross development value of the project stands at $474.3 million.
The Bengaluru-based developer entered into an investment agreement with ACHIL to develop a commercial project in the city, according to PTI. It will have a total leasable area of 1.5 million square feet and a gross development value of $474.3 million.
Prestige Estates will infuse up to $53.12 million for the 50 percent stake in ACHIL, as per the regulatory filing made on July 3.
ACHIL, led by CEO Rahul Pandit, is a Mumbai-based hospitality company operating luxury and upper-upscale hotels, including Grand Hyatt Goa and Hilton Mumbai International Airport.
Prestige Estates is one of India's real estate developers, building across housing, commercial and hospitality segments. The company recently reported a near doubling of net profit to $126 million for fiscal year 2025-26, up from $49.28 million the year before.
The group has completed 313 projects covering 206 million square feet and has 128 projects in the pipeline across 195 million square feet. The Mumbai project adds to its expansion beyond Bengaluru.
Separately, Prestige Hospitality Ventures, the hospitality arm of Prestige Estates, had previously received Securities and Exchange Board of India approval for a $286 million IPO, which the company is now reviewing due to market conditions, Bloomberg reported. The company is exploring a minority stake sale to private equity investors to raise about $300 million.
