Prestige group will acquire CapitaLand’s stake in seven entities engaged in retail real estate for Rs 342 crore. This includes 100 per cent stake in Flicker Projects Pvt Ltd. that owns & operates Celebration Mall in Udaipur.

“The management sub committee of the company has approved acquisition of CapitaLand’s stake in entities engaged in business of retail malls…For an aggregate consideration of approximately Rs 342 crore,” Prestige Estates Projects Ltd mentioned in a BSE filing.

Besides the Celebration Mall deal, Prestige will increase its stake from 37% to 50% in Thomsun Realtors. Thomsun owns malls and apartments in Kochi. Further, Prestige will acquire additional 24.5% stake in Babji Realtors Pvt Ltd, owner of retail mall in Hyderabad.

As per the filing with BSE, Prestige Estate will also acquire balance 50 per cent stake in a mall management firm CapitaLand Retail Prestige Mall Management Pvt Ltd.