Key Highlights
- Prestige Estates will acquire a 50% stake in Advent Convention and Hotels International Limited.
- The acquisition will be completed for a cash consideration of up to ₹504 crore.
- The target company is developing a commercial real estate project in Andheri East Mumbai.
- The project has an estimated gross development value of around ₹4,500 crore.
- The development will offer approximately 1.50 million square feet of leasable area.
- The acquisition is expected to be completed within 45 days from the agreement date.
- The target company was incorporated in 2024 and reported nil turnover for FY25 and FY26.
Prestige Estates Projects Limited has announced that it has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International Limited for a consideration of up to ₹504 crore. The company disclosed the development in a regulatory filing with the stock exchanges on July 3, 2026.
According to the filing, the investment agreement was executed on July 3, 2026. Advent Convention and Hotels International Limited is developing a commercial real estate project in Mumbai, and the acquisition is intended to support the project’s development.
The target company, incorporated in 2024, is engaged in the business of real estate development. As per the disclosure, the company reported nil turnover for the financial years ended March 31, 2025, and March 31, 2026.
Prestige Estates stated that the transaction does not fall under related-party transactions, and neither the company’s promoters nor the promoter group have any interest in the acquisition.
The proposed commercial project is planned on land measuring approximately 21,978.22 square metres at Sahar Village, Andheri, Mumbai Suburban District. The project is expected to have a total leasable area of around 1.50 million square feet and a gross development value (GDV) of approximately ₹4,500 crore.
The acquisition will be completed through cash consideration, with Prestige Estates or its wholly owned subsidiary infusing up to ₹504 crore for the purchase of the 50% stake.
The company expects the transaction to be completed within 45 days from the date of the agreement, unless both parties mutually agree to extend the timeline.