Phoenix Mills acquires under-construction mall in Indore for Rs 234 crore

MUMBAI: The Phoenix Mills, through its 100% subsidiary Insight Hotels & Leisure, has acquired an under-construction retail mall in Indore for Rs 234 crore. The company has acquired the asset in an auction conducted by an Asset Reconstruction Company (ARC).This brownfield expansion will add around 1.1 million sq ft to the company’s retail asset portfolio. The site offers a further development potential of around 800,000 sq. ft, the company said in a release.“80% of the civil structure is already complete and we expect the mall to be operational in late FY21,” said Shishir Shrivastava, Joint MD, Phoenix Mills.Earlier this month, the company through its subsidiary Destiny Hospitality Services (DHSPL) entered into an agreement to acquire an under-construction retail development in Lucknow for Rs 453 crore.“With acquisitions of two land parcels in Pune and Bengaluru and two brownfield acquisitions in Lucknow and Indore, we will add around 4 million sq ft of retail space to our portfolio,” Shrivastava said. “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 achieve this objective soon.”

from The Economic Times https://ift.tt/2lqeFFN
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