Prestige Estates Projects Limited has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International Limited, a wholly owned subsidiary of Advent Hotels International Limited, as per the exchange filings.
This acquisition is aimed at developing a commercial project in Mumbai, enhancing Prestige Estates' portfolio in the real estate sector.
On July 3, 2026, Prestige Estates Projects Limited announced its acquisition of a 50% stake in Advent Convention and Hotels International Limited.
The investment agreement involves a cash consideration of up to ₹504 crore. The target entity, Advent Convention and Hotels, is a public limited company incorporated in 2024, primarily engaged in real estate development.
The commercial project is set to be developed on land measuring 21,978.22 sq. mts. located in Sahar, Village – Andheri, Taluka – Andheri East, Mumbai Suburban District.
The project is expected to offer a total leasable area of approximately 1.50 million sq. ft. and has a gross development value of around ₹4,500 crore.
The acquisition does not fall within related party transactions, and the promoter group of Prestige Estates has no interest in this transaction.
The company plans to complete the acquisition within 45 days from the agreement date, unless mutually agreed otherwise by the involved parties.
Advent Convention and Hotels International Limited has reported nil turnover for the financial years ending March 31, 2026, and March 31, 2025. The acquisition is part of Prestige Estates' strategic expansion in the real estate development industry.
Advent Convention and Hotels International Limited, established in 2024, operates in the real estate development sector.
Despite having no reported turnover in the past two financial years, the company is poised to undertake a significant commercial project in Mumbai, which aligns with Prestige Estates' growth objectives.
As of July 06, 2026, at 2:57 PM, Prestige Estates Projects share price on NSE was trading at ₹1,704.00, up by 2.16% from the previous closing price.
Prestige Estates Projects Limited's acquisition of a 50% stake in Advent Convention and Hotels International Limited involves a cash consideration of ₹504 crore. The project in Mumbai spans 21,978.22 sq. mts. with a gross development value of ₹4,500 crore.
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Published on: Jul 6, 2026, 4:19 PM IST
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