Prestige Estates is acquiring a 50% stake in Advent Convention and Hotels International for up to Rs. 504 crore.

This strategic move marks Prestige's entry into Mumbai's commercial real estate market, targeting a new project in Andheri.

The venture involves developing a commercial project with approximately 1.50 million sq. ft. of leasable area, boasting a Gross Development Value of roughly Rs. 4,500 crore.

This acquisition significantly boosts Prestige's commercial portfolio and geographic footprint, indicating strong growth potential in a key metro.