bangalore realty major prestige estates projects is set to unveil a little over rs 1000crore deal to acquire a 635 stake in exora business park from red fort capital people directly involved with the matter said the deal values exora at rs 1600 crore with 85 capitalization rate a percentage that determines the return on investment on rental assets prestige which owns the remaining minority shares is taking its stake to 100 through a combination of shortterm loans and internal accruals this is one of the biggest commercial real estate transactions in the countrys technology capital where foreign investors have lapped up office buildings with stable yields the announcement could come early this week after prestige was given a 90day exclusivity to clinch the deal prestige which last year emerged as the largest indian developer by residential units sold has finalized financing commitments in the past few days people in the know added located in marathahalli the park is spread over 22 acres with 212 million sq ft of leased area that counts marquee tenants like jp morgan chase juniper networks and xerox the park earns rs 130 crore in annual rental the bengaluru realty major has got into a separate partnership under the exora jv to develop a villa project in whitefield a few months back canada pension plan along with shapoorji blackstone xander and government of singapore had expressed interest in looking at a potential acquisition through red forts stake this would have meant prestige also exiting the park prompting it to consider the buyback property consultants cbre and jll jointly ran the sale process for red fort if prestige had exhausted the exclusivity period red fort could have invited expressions of interest eois from other investor acquirers when toi reached out to prestige group cmd irfan razack he said we are in advanced stage of closing the deal prestige is buying back stake as we have created these properties he said red fort capital is an indiafocused real estate fund with investments spanning residential commercial and hospitality sectors partnering developers like godrej parsvnath omkar and lotus across top tier cities in the country this will be the largest commercial real estate acquisition after blackstone acquired 247 business park from milestone capital earlier this year global investors like blackstone brookfield qatar investment authority and gic of singapore have acquired indian office buildings worth more than 3 billion in the past 18 months