Prestige Estates eyes ₹4,000 cr from office rentals by FY30

BENGALURU-BASED PROPERTY developer Prestige Estates is looking to quadruple its rental income from office properties to 3,300 crore by FY28 and ₹4,000 crore by FY30.

- RAGHAVENDRA KAMATH

The company, which has 9.41 million square feet of operational office properties, expects exit rentals of 828 crore in FY26, Chairman & Managing Director Irfan Razack told FE. It has another 38 million sq ft under development.

Following the private equity transaction with Blackstone, through which it divested a substantial part of its completed office and retail portfolio, Prestige Estates embarked on a strategy to rebuild a strong, yield-generating annuity platform."Over the past few years, this rebuilding has progressed meaningfully, supported by disciplined capital allocation and a robust development pipeline," Razack said.

In 2021, the company sold 16.8 million sq ft of office properties and malls to US-based Blackstone for $1.5 billion.