Prestige Estates to acquire 80% stake in Sterling Urban for Rs 3.36 billion

Realty firm Prestige Group on Thursday said it has entered into an agreement to acquire 80 per cent stake in Sterling Urban Infraprojects, which holds land parcels in Bengaluru, for a cash consideration of Rs 3.36 billion.

"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," Prestige Estates Projects Ltd said in a BSE filing.

"The transaction is in ordinary course of business and is being done at arm's length on a cash consideration of Rs 3.36 billion," it added.

Sterling Urban Infraprojects owns around 59 acres of land at outer ring road-Sarjapour, Bengaluru.

"The company intends to develop commercial office space with over six million square feet of developable area," it said.