Prestige Group and Awfis partner to provide 2 lakh sq ft of grade-A flexible working spaces; to invest Rs 40 crore

Bengaluru-based Prestige Group has joined hands with co-working space provider Awfis to add six new centres to its property portfolio with an investment of Rs 40 crore.

Both companies will invest jointly to set up these centres as also share revenues in the ratio of 50:50. The centres would become operational from April. One property in Chennai will be operational in June.

Under the collaboration, Awfis will offer over two lakh sq feet of Grade-A flex office spaces within Prestige Group's premium commercial properties in Bengaluru, Chennai, and Hyderabad covering a total capacity of over 4,000 seats.

The spaces being transacted are a combination of first generation and second-generation spaces. Of the six centres, four are located in Bengaluru’s prime commercial locations such as Koramangala, Outer Ring Road and two in Whitefield with the other two centres being in Guindy, Chennai and Begumpet, Hyderabad respectively.

This partnership endeavours to accelerate growth for both companies in the fast-evolving co-working space. This revenue sharing strategic alliance leverages Prestige Group's and Awfis’ respective strengths, expertise and capabilities to create compelling value for both companies and their discerning customers.

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This combines both companies’ efforts to cater to the growing demand for co-working spaces amongst not just startups and SMEs but, also mid and large-sized corporations, looking to decentralize their workplaces, amidst the new normal.

"Our partnership with Prestige Group aligns us to provide world-class amenities and meet the ever-evolving demand of new-age workforce and organizations. Over the past few months, we are witnessing large corporates and MNCs turning towards a hybrid model and witnessing the merit in partnering with co-working spaces for the same,” said Amit Ramani, CEO and founder, Awfis.

“We are thrilled to kickstart the new decade through our partnership with Awfis. This partnership will help us to accelerate our plans to strengthen our office portfolio and increasing our offering to our large clients, while leveraging the strength of Awfis’ proven credibility in the co-working space across India. Considering the evolving consumer needs in light of the pandemic, we are bullish on the scope of our association and the longevity of the co-working model in India,” said Juggy Marwaha, CEO, Prestige Office Ventures.

Prestige Group has a diverse portfolio across asset classes such as office, residential, retail and hospitality Prestige Group is well established in cities Bengaluru, Chennai, Hyderabad, Kochi, Mysore, Mangalore, Goa, Ahmedabad and has now forayed into Mumbai, NCR and Pune. It has completed 112 commercial projects spread across 36 mn sq ft with 24 upcoming commercial projects spread across 42 mn sq ft in some of the major cities of the country.

Awfis currently has 75 centres and 40,000 seats across 11 cities. As a leader in the arena, Awfis is fully equipped to cater to the evolving needs of large scale enterprises and organizations while aligning to the workspace needs amidst the new normal.