Prestige Group to have six malls by 2013

Bangalore-based real estate firm Prestige Group has announced its major plans to develop six malls by 2013 at an investment of Rs 250-300-crore per mall. It is scheduled to be operational by 2013.

Of these six, the company will construct four malls in a joint venture with the Singapore-based CapitaMalls Asia. Prestige Group's CEO S Raghunandhan said that with the construction of the six malls, the total number of malls will increase to nine by 2013. He said that fifty per cent of the funding would be from internal accruals and the rest through a mix of debt and investments from the JV partner. The new malls will be coming up in Hyderabad, Kochi, Mangalore, Bangalore, Mysore and Shantiniketan.