King Stubb & Kasiva: Advises Prestige Group on ₹524 Cr. Acquisition

• Prestige Estates Projects Limited acquired 100% of Allure Developers Private Limited for approximately ₹524 crore.
• King Stubb & Kasiva advised Prestige Group on all legal aspects of the acquisition, including due diligence and document negotiation.
• Allure Developers, which is developing a residential project in Noida, is now a wholly-owned subsidiary of Prestige.
• The legal team from King Stubb & Kasiva was led by Partners Adnan Siddiqui and Surbhi Kapoor.
• This acquisition strengthens Prestige Group's presence in the Indian real estate market.

In a significant corporate maneuver, Prestige Estates Projects Limited finalized the acquisition of Allure Developers Private Limited, securing full ownership of its equity share capital.

Prestige Estates Projects Limited, a prominent real estate developer based in Bengaluru, has successfully completed the acquisition of Allure Developers Private Limited. This significant transaction involved the purchase of 100% of Allure Developers' equity share capital, with the consideration for the deal amounting to approximately ₹524 crore.

Following the completion of this acquisition, Allure Developers, which is currently engaged in developing a residential project situated in Sector 150, Noida, has transitioned into a wholly-owned subsidiary of Prestige Estates Projects. This strategic move expands Prestige's portfolio and operational footprint within the Indian real estate market, particularly in the key Noida region.

King Stubb & Kasiva provided comprehensive legal counsel to the Prestige Group throughout the acquisition process. Their advisory role encompassed a wide array of critical aspects, including conducting thorough title and corporate due diligence on both Allure Developers and the land designated for its project. The firm was also instrumental in structuring the acquisition agreement to meet the client's strategic objectives.

Furthermore, King Stubb & Kasiva managed the intricate process of drafting and negotiating the share purchase agreement, alongside all other pertinent transaction documents. The legal team from King Stubb & Kasiva was led by Adnan Siddiqui, a Partner specializing in Real Estate, and Surbhi Kapoor, a Partner in the Corporate practice. They were supported by a dedicated team comprising Abhishek Paliwal, Vartika Srivastava, Bhavika Madnani, and Azala Firoshi. Additionally, Prestige Group's internal legal department, represented by Deepak Raj Govind, Vice President – Legal, and Uma Shankar, Legal Manager, played a crucial role in the transaction.

This acquisition underscores Prestige Estates Projects Limited's ongoing strategy to strengthen its position as one of India's leading real estate developers. By integrating Allure Developers and its Noida project, Prestige is poised to enhance its presence in a high-growth residential market. The substantial investment of approximately ₹524 crore reflects the strategic value Prestige places on expanding its development pipeline and market reach.

The meticulous legal and corporate due diligence performed by King Stubb & Kasiva was essential in de-risking this significant investment for Prestige Group. Such comprehensive advisory services are critical in large-scale real estate transactions, ensuring compliance and securing the interests of the acquiring entity. The successful closure of this deal highlights the complex interplay between strategic business expansion and expert legal facilitation in the competitive Indian real estate sector.

Source: Original reporting via Bar & Bench