Business News

The Phoenix Mills purchases 7.22 acres of land in Surat for Rs. 510 crore.

NEW DELHI:Ā The Phoenix MillsĀ has acquired a land parcel admeasuring approximately 7.22 acre for a total consideration of about Rs 510 crore inclusive of stamp duty along Udhana Magdalla Road,Ā Surat, the company said in a BSE filing.

The land has been acquired throughĀ Thoth MallĀ and Commercial Real Estate (Thoth), an indirect subsidiary of the company. Thoth will develop aĀ retailĀ destination with gross leasable area of approximately 1 million sq ft and currently expects to complete the retail development by FY27.

Shishir Shrivastava, managing director of the company said, “We are pleased to announce our acquisition in Surat for a greenfield retail development project. This mall will be our second retail development in Gujarat, first being Phoenix Palladium Ahmedabad which is expected to commence operations shortly.”

Graceworks Realty & Leisure (GRLPL), which is a PML-GIC joint venture entity, owns 80% equity shareholding in Thoth and the balance 20% equity shareholding is held by Safal Construction (India), the flagship development arm of the Ahmedabad-basedĀ BSafal GroupĀ (BSafal).

The acquisition of the land parcel has been funded by GRLPL and BSafal in their respective shareholdings as part of their overall equity commitment of Rs. 650 crore in Thoth. The balance equity commitment will be brought in by GRLPL and BSafal in their respective shareholdings in multiple tranches as required.

Retale

Retale

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Business News Digital Transformation

IRCTC adds new buy now, pay later option: Check details

Indian Railways Catering and Tourism Corporation (IRCTC), has partnered with the CASHe to offer a Travel Now Pay Later (TNPL)
Business News

Inox Leisure Q2Ā reported a net loss of Rs 40.37 crore , revenue up atĀ Rs 374.12 crore.

New Delhi: Multiplex chain operator Inox Leisure Ltd on Wednesday reported a narrowing of its consolidated net loss to Rs
Wordpress Social Share Plugin powered by Ultimatelysocial
error: Content is protected !!