Prestige Estates Projects Ltd

Overview

• Q2 FY27 launches 9 projects; H1 launches 30.25 mn sq ft; completions 9.44 mn sq ft.

Residential

• Q2 residential pre-sales ₹72,250m; H1 ₹138,043m; avg realizations ₹12,375 (Q2) and ₹11,618 (H1).

Commercial

• H1 office leasing 1.7 mn sq ft; Exit Rentals ₹8,434m.

Retail

• Retail GTO ₹7,210m; occupancy 99%; exit rentals ₹2,776m; Forum One OMR started (1.39 mn sft).

Hospitality

• Hospitality occupancy 70%; ARR ₹15,143; started two hotels totaling 313 keys (0.77 mn sft).

Strategy & Pipeline

• CPP Investments to invest ₹30,000m for ~27% stake; pipeline > ₹400,000m across major cities.

Prestige Estates Projects Limited: Trading Window Closed from October 1, 2026 till the conclusion of 48 hours after the declaration of financial results for the quarter and half year ended September 30, 2026.

Transaction details

• CPP Investments to invest INR 30 billion (C$441 million) for ~27% stake in PHVL.

Use of proceeds / expansion

• Majority of funds to expand PHVL's hospitality platform and development pipeline across India.

Strategic significance

• First direct investment by CPP Investments in India's hospitality sector.

Outlook / partnership

• Prestige and CPP describe long-term growth opportunities and a scalable platform.

Operational context

• PHVL owns luxury and premium hotels with a substantial development pipeline.

CPPIB investment in PHVL

• CPPIB to invest up to INR 3,000 crore in PHVL for ~27% stake.
• Investment to be in three tranches, via primary infusion and secondary purchase.
• Transaction documents executed September 29, 2026; approvals from regulators required.
• Tranche 1: 950 crore equity sale; 550 crore Series A CCPS.
• Tranche 2: 750 crore Series B CCPS; Tranche 3: 750 crore Series C CCPS.
• First tranche expected within 60 days, subject to conditions precedent.
• CPPIB to have governance rights and affirmative voting rights; exit via IPO or put after five years.
• CPPIB is not promoter-related; transaction on arm's-length terms.
• PHVL is a wholly owned subsidiary.
• PHVL standalone turnover: INR 3,458.96 million; Prestige consolidated turnover: INR 131,955 million.

Operational highlights

• Prestige Clairemont comprises 928 residences across four towers on 7.56 acres.
• Bellagio @ The Prestige City Hyderabad comprises 119 luxury villas across 0.81 million sq ft.
• Together, these developments add 1,047 homes to Prestige's delivered portfolio.
• Clairemont developable area is 3.29 million sq ft.
• Bellagio developable area is 0.81 million sq ft.
• As of June 2026, 19 million sq ft developed across 10 projects.
• Pipeline comprises 15 projects totaling 46 million sq ft in construction and planning.

Corporate guarantee for subsidiary loan

• Prestige Estates issued a corporate guarantee for Prestige Hospitality Ventures Limited.
• The loan is being availed from Axis Bank Limited.
• Guarantee amount up to Rs 400 crores.
• Promoter group has no interest; guarantee is at arm's length.
• Contingent liability with no current impact on the parent company.

Corporate guarantee for subsidiary loan

• Prestige Estates provided a corporate guarantee for a loan by its subsidiary Prestige Falcon Mumbai Realty Private Limited.
• The guarantee creates a contingent liability for the company; no immediate impact on consolidated financials.
• Promoter group has no interest in the transaction; guarantee is at arm's length.

PHVL DRHP withdrawal

• PHVL withdrew its DRHP filed April 24, 2025 due to strategic considerations and market conditions.
• Board resolution dated September 25, 2026 communicated withdrawal to the book running lead managers.
• PHVL may file a fresh DRHP in the future subject to market conditions and approvals.

Launch details

• 91-acre Prestige Parklane along STRR-Devanahalli in Bengaluru with 1,788 homes.
• Saleable area of about 1.7 million sq ft and GDV ₹1,750 crore.
• Nine towers offer 1- to 3-bedroom configurations.
• Central greens spanning about 4 acres; 30,000 sq ft clubhouse.
• Strategically located along STRR with access to northern Bengaluru.

Launch details

• Garden Breeze launched at The Prestige City, Sarjapur, Bengaluru.
• Development spans 10 acres with four towers and two basements.
• 655 premium apartments across 2- and 3-bedroom configurations.
• Saleable area ranges from 1,081 to 1,789 sq ft.
• Total saleable area about 0.93 million sq ft.
• Estimated GDV is Rs 1,100 crore.
• Bengaluru remains a key market for Prestige Group.