Prestige plans to buy out foreign investors from Exora, Bengaluru

Prestige Estates Projects Limited (Prestige), acting through its subsidiary Valdel Xtent Outsourcing Solutions private limited is proposing to purchase all securities held by foreign investors in Exora Business Park (Exora).

According to a press release issued on Wednesday, Exora situated on the Outer Ring road in Bengaluru, is a state-of-the-art technology park, developed by Prestige. The business park has been completely developed and leased to reputed MNCs like JPMorgan, Juniper Networks, LinkedIn, Price Waterhouse Coopers, Schneider Electric and Bosch.

Irfan Razack, Chairman and Managing Director of the Prestige Group, said, “We have, over the years, worked towards developing this project, deploying investment and expertise. The asset has matured and is completely leased out to marquee clients. This acquisition is a strategic decision and will result in an increase in asset base and contribute to the company’s annuity stream of income.”

Subhash Bedi, Chairman, Rising Straits Capital, said, “We have been equity partners in this project for more than eight years, and have supported it through the complete development and leasing lifecycle. The transaction is an excellent example of value creation through a long term association with a trusted development partner”