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Report: Prestige Estates flags REIT option for consolidated office business

will either establish a REIT or raise funds from an investor, as the company iscurrently consolidating its office business as an initial strategy for bothoptions.

The Economic Times of India reported that thecompany is presently engaged in the merger and demerger of its entities. Atleast 12 investors have reached out to the company about potential investmentsin office and retail properties.

PrestigeGroup Chairman Irfan Razack noted that the company wants "segmentdifferentiation" for its office, residential, retail and hospitalitybusinesses. The "sizeable" growth of all these business segmentswarranted the process of separating them, Razack added.

PrestigeEstates plans to use the raised funds for future development plans, rentalbusiness expansion and to cut debt.

Sincethe company's establishment in 1986, the company has completed more than 192projects, according to its website.These projects span more than 64.12 million square feet of space.

Its65 ongoing projects cover an area of 67 million square feet, with 34 futureprojects providing an aggregate of 41.38 million square feet of space acrossdifferent asset classes.