Phoenix Mills partners with BSafal group for large scale retail development in Ahmedabad
today Jul 23, 2018
As part of its plan to establish a presence in India’s emerging Tier 1 cities, Phoenix Mills has formed a 50:50 partnership with BSafal group to acquire a piece of land in Ahmedabad on which to construct a large retail development.
Phoenix Mills will be constructing a large scale retail development with the Ahmedabad-based BSafal group with an investment of Rs 230 crore ($34.6 million). The investment is in order to acquire a 5.26 acre piece of land located on the Sarkhej-Gandhinagar (SG) Highway in Ahmedabad.
“This investment is in line with our plan to establish presence in emerging Tier-1 cities,” said the Joint Managing Director of Phoenix Mills, Shishir Shrivastava in a press release. “Ahmedabad has been on our radar for some time as the city has one of the most discerning customers in the country who are young, aspirational, well-travelled and have high propensity to spend. Our proposed premium retail development will cater to upmarket residential areas of Western Ahmedabad as well as the catchment areas.”
The plot of land will be developed into a “premium retail destination” which will total around 600,000 square feet. The development will be both operated and managed by Phoenix Mills and will bring a number of brands to the area.
Phoenix Mills’ investment in the Ahmedabad plot brings its total retail portfolio that is currently under development to around 4.6 million square feet. The business has around six million square feet of operational retail space on top of this. “This brings us very close to our stated plan of adding five to six million sqare feet by FY23,” said Shrivastava.
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