Red Fort Capital, an India focused real estate fund, will be selling 62.5 percent of its stake from a joint venture (JV) of Bangalore-based realty company Prestige Estates. The fund has invited bids for its stake in Exora Business Park JV.
The fund is seeking a valuation of Rs 800-950 crore and marquee firms like Ascendas, Xander, Blackstone has submitted their bids for the same. Sources say the Cananda Pension Plan Investment Board too has submitted a bid.
Red Fort and Prestige earn approximately Rs 125 crore annually as rentals from the business park.
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