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Jun, 25 2018

Phoenix Mills buys under construction retail asset in Indore for Rs 234 crore

This brownfield expansion will add about 1.1 million sq ft to the company’s retail asset portfolio. The site offers further development potential of about 8 lakh sq ft.

Phoenix Mills said it has acquired an under construction retail asset in Indore for Rs 234 crore.

According to a report from PTI, the acquisition has been done through its 100 percent subsidiary Insight Hotels and Leisure.

Phoenix Mills has acquired the asset for Rs 2.34 billion in an auction conducted by an asset reconstruction company, the company said in a regulatory filing.

This brownfield expansion will add about 1.1 million sq ft to the company’s retail asset portfolio. The site offers further development potential of about 8 lakh sq ft.

Commenting on the acquisition, the company’s Joint Managing Director Shishir Shrivastava told PTI, “Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend.”

“80 percent of the civil structure is already complete and we expect the mall to be operational in late FY21,” he was further quoted by PTI as saying.

With acquisitions of two land parcels in Pune and Bengaluru and two brownfield acquisitions in Lucknow and Indore, the company would add about 4 million sq ft of retail space to its portfolio.

“This brings us very close to achieving our stated objective of taking our retail portfolio to 11-12 million sq ft from current 6 million sq ft. We continue to explore investment opportunities and are committed to achieving this objective soon,” Shrivastava told PTI.

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