Prestige Estates wants to buy 80% in Sterling Urban Infraprojects worth Rs. 336crore

By Realty Quarter Bureau

Sterling Infra projects owns around 59acre of land at outer ring road Sarjapur Bangalore. Prestige in planning to own around 6milion sq ft of commercial complex.

Developer Prestige Estates Project has entered into an agreement or probably will to acquire 80% of the stake in Sterling Urban Infraprojects which holds land parcel of around 59acres.

“The company has entered into a binding agreement for acquisition of 80 per cent stake held by investors and its affiliates in Sterling Urban Infraprojects Pvt Ltd,” the company said in a regulatory filing.

Sterling Urban Infraprojects owns around 59 acres of land at outer ring road-Sarjapour, Bangalore. Prestige is planning to develop over 6-million-sq-ft commercial complex on the said land parcel.

“The transaction is in ordinary course of business and is being done at arm’s length on a cash consideration of Rs 336 crore,” Prestige added. The acquisition is expected to be concluded by March 31.

Started in 2007, Sterling Urban Infraprojects in the business of construction and real estate development. However, has not registered any business turnover for the last three financial years.

While Prestige will be buying 80% stake in the company, the balance 20% stake will be owned by the original landowner group and its affiliates, Prestige Estates said.