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Prestige Estates Projects Ltd has acquired a 50% stake in Advent Convention and Hotels International Ltd (ACHIL) for up to INR 504 crore as part of its expansion strategy in the commercial real estate segment. The investment will support the joint development of a commercial project in Andheri East, Mumbai, spanning 21,978.22 square metres. The proposed development will offer approximately 1.50 million sq ft of leasable space and has an estimated gross development value (GDV) of INR 4,500 crore. The transaction was disclosed in a regulatory filing made in the past week. The acquisition comes after Prestige Estates reported a sharp increase in its annual profit and income, reflecting continued growth across its residential, commercial and hospitality businesses.
Prestige Estates Projects Ltd has acquired a 50% stake in Advent Convention and Hotels International Ltd (ACHIL) for up to INR 504 crore to jointly develop a commercial project in Andheri East, Mumbai. The Bengaluru-based real estate developer disclosed the investment in a regulatory filing made in the past week, stating that the transaction forms part of its business expansion plans.
According to the filing, Prestige Estates has entered into an investment agreement with ACHIL to acquire half of the company's equity. Following the acquisition, both companies will jointly undertake the development of a commercial project on land measuring 21,978.22 square metres in Andheri East, one of Mumbai's established commercial districts.
The proposed development is planned with a total leasable area of approximately 1.50 million sq ft. The project is estimated to have a gross development value (GDV) of around INR 4,500 crore, making it a significant addition to Prestige Estates' commercial development portfolio.
As part of the transaction, Prestige Estates will invest up to INR 504 crore to complete the acquisition of the 50% stake in ACHIL. The regulatory filing outlined the financial commitment but did not disclose additional details regarding the project timeline or development schedule.
Prestige Estates is among India's leading real estate developers with a presence across residential, commercial and hospitality segments. Its commercial portfolio includes office developments and shopping malls alongside large-scale residential communities and hotel projects across multiple cities.
The investment follows the company's strong financial performance during the previous financial year. Prestige Estates reported that its consolidated net profit more than doubled to INR 1,195.5 crore during FY2025-26, compared with INR 467.5 crore recorded in FY2024-25. The company's total income also increased substantially to INR 13,195.5 crore from INR 7,735.5 crore in the preceding financial year.
Since its inception, Prestige Estates has completed 313 projects covering approximately 206 million sq ft across its various business segments. The developer also has an ongoing pipeline of 128 projects with a combined development potential of around 195 million sq ft, reflecting its continued focus on expanding its presence across India's real estate market.
Source - PTI
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