Phoenix Mills acquires Indore retail asset for Rs 234 crore
The real estate business Phoenix Mills has acquired a retail asset in Indore which is set to open as a mall in the 2021 financial year.
According to a Press Trust of India (PTI) report, Phoenix Mills has acquired a retail asset at an auction through its 100 percent subsidiary, Insight Hotels and Leisure. The acquisition was valued at Rs 234 crore ($35.2 million) in a regulatory filing made by the asset reconstruction business that held the auction.
The estate has around 1.1 million square feet of retail assets and a further eight lakh square feet of space that could be developed. It is being developed into a mall that will house a large number of brands, including fashion brands, and this will both greatly increase Phoenix Mills’ retail portfolio and the number of fashion brands available in Indore.
“Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend,” Phoenix Mills’ Joint Managing Director, Shishir Shrivastava, told PTI. “80 percent of the civil structure is already complete and we expect the mall to be operational in late FY21.” With many international fast fashion brands now expanding into Tier 2 cities, opening such a mall in the Tier 2 city of Indore could certainly attract an array of fashion brands to the area.
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