Prestige Estates Projects acquires real estate firm Ariisto Developers
Prestige Estates Projects Limited has acquired Ariisto Developers Private Limited for INR 2 lakhs for the purpose of carrying out a realty project in Mulund, Mumbai.
The Bengaluru-based property development company said that the acquisition was executed via a resolution plan submitted by it in the corporate insolvency resolution process of Ariisto Developers. The resolution plan has been approved by the Committee of Creditors and later on by the National Company Law Tribunal (NCLT), Mumbai Bench.
Prestige Estates Projects said that it has also paid INR 370 crores as the upfront cash as per the terms of the resolution plan.
The amount will be paid by the company to the lenders of the realty project in Mulund along with 800,000sft commercial space to be developed as part of the project.
The realty project to be carried out by Prestige Estates Projects is made up of a mix of residential and commercial use and has a potential saleable area of around 7.5 million square feet.