Prestige Estates looks to expand retail presence

Prestige Estates Projects is looking at expanding its retail presence to 15 operational malls, totalling 10 million sq ft, over the next three years.

At present, the company has eight operational malls, totalling 4 million sq ft, mainly in the southern cities.

With the consolidation of its stake in malls across India almost over, Prestige Estates is now aiming a rental income of Rs 400 crore annually from its retail ventures.

The people aware of the plans said, “The plan was to acquire stake across malls. With the latest acquisition in Hyderabad, the consolidation is more or less over. The net operating income from the Hyderabad mall (alone) is over Rs 95 crore.”