Phoenix Mills to double its operational retail portfolio in the next 4 to 5 years
today Nov 8, 2018
The asset developer Phoenix Mills will double its operational retail portfolio over the next 4 to 5 years to reach approximately 12 million square feet, up from its current total of 5.9 million square feet.
Phoenix Mills, which operates retail space in the form of malls focusing on fashion and other developments, is looking to greatly expand its business in India. As reported by ET Bureau, a company official stated that the business is currently looking for acquisition opportunities in key markets in the country.
“We generate strong free cash flows from our retail assets and growing commercial office portfolio, and will aim to strategically deploy the internal accruals towards select greenfield and brownfield retail-led mixed use developments in select key cities of India such as Kolkata, Chandigarh, Hyderabad and Mumbai, amongst others,” Shishir Shrivastava, a joint managing director of Phoenix Mills, told the Economic Times.
In July, the business announced that it had partnered with BSafal Group for a large scale retail development in Ahmedabad. This is one of five acquisitions made by the business over the past 18 months. Phoenix Mills currently has three plots of land in Pune, Ahmedabad, and Bengaluru as well as two plots of land in Lucknow and Indore that are under construction.
“Beyond FY23 as well, we target to add at least 1 million square feet of operational retail leasable space to our mall portfolio each year,” said Shrivastava.
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