Prestige & Awfis to set up six co-working spaces with Rs 40 crore investment

NEW DELHI: Realty firm Prestige Group has tied up with co-working operator Awfis to set up six centres, comprising around 4,000 desks, in Bengaluru, Hyderabad and Chennai with an investment of about Rs 40 crore. Bengaluru-based Prestige Group and Awfis will jointly invest to set up these centres and also share revenues.

These six centres, spread over 2 lakh square feet area, will come up at Prestige Group’s commercial properties in the three cities.

“The total investment in setting up these six centre is around Rs 40 crore. Both the partners are investing,” Awfis founder and CEO Amit Ramani told .

He said all these centres will be operational between April and July this year.

Ramani said the company will target not just startups and SMEs but also mid- and large-sized corporations looking to decentralise 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 organisations.

“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,” Ramani said.

Awfis intends to deepen this partnership further and expand across other micro-markets and buildings, he said.

“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,” said Juggy Marwaha, CEO, Prestige Office Ventures.

He remained bullish about the growth prospects of the Indian office market.

Of the six centres, four are located in Bengaluru’s prime commercial locations, namely Koramangala, Outer Ring Road and two in Whitefield. The other two centres are at Guindy in Chennai and Begumpet in Hyderabad.

With a diverse portfolio across asset classes such as office, residential, retail and hospitality, Prestige Group is well established in Bengaluru, Chennai, Hyderabad, Kochi, Mysore, Mangalore, Goa, Ahmedabad and has now forayed into Mumbai, NCR and Pune.

Prestige Group has completed 112 commercial projects spread across 36 million square feet and is developing 24 projects spread across 42 million square feet in some of the major cities of the country.

In November, Prestige Estates Projects announced sale of large portfolio of office, retail and hotel properties to global investment firm Blackstone for an enterprise value of Rs 9,160 crore.

Awfis currently has 75 centres and 40,000 seats across 11 cities. It is a fully tech-enabled workspace solutions platform.