Bengaluru: In order to expand its rental income base, Bengaluru based real estate developer, Prestige Estates Projects is looking forward to acquire malls across major cities.
Suresh Singaravelu, Executive Director for Retail, Hospitality and Business Development at Prestige Group informed that the company has initiated the discussions to buy out malls in Pune and Mumbai. With this, the company will get an entry into these cities.
He further added, “We have aggressive mall development pipeline and are in discussion to either buyout or reposition malls. The plan of the company is to acquire malls ranging from 800,000 sq ft to 1 million sq ft. There is a good demand from brands.”
Singaravelu also told that by 2020, the group will have 13 malls, totalling 7.5 million sq ft of leasable retail space across seven cities. Earlier this year, the group acquired Singapore-based CapitaLand’s stake across five mall projects in Hyderabad, Mangaluru, Mysuru and Udaipur.
It includes a mall management company, operating Oakwood serviced residences in Bengaluru and under-construction properties in Kochi.
The company has upcoming projects aggregating 48 million sq ft across assets class and holds a land bank of 424 acres with a potentially developable area of over 42 million sq ft. “We foresee addition of close to 4-5 million sq ft of supply during H2 2018 across most major cities such as NCR, Mumbai, Bengaluru, Chennai and Hyderabad,” said Anshuman Magazine, chairman, India & Southeast Asia, CBRE.