Phoenix Mills buys Indore mall for Rs 234 cr

Mall developer The Phoenix Mills Ltd said it purchased an under-construction 1.1 mln sq ft mall in Indore from an asset reconstruction company for Rs 234 cr.

The Mumbai-based company said it will christen the mall Phonenix MarketCity Indore and it will be ready by around the end of financial year 2021.

“80% of the civil structure is already complete and we expect the mall to be operational in late FY21,” said Shishir Shrivastava, Joint Managing Director, The Phoenix Mills Ltd.

The Phoenix Mills has a total of 6 mln sq ft of operational retail space at present, spread over eight malls in six cities, including the flagship property at Phoenix Mills compound in Lower Parel, Mumbai.

“With acquisitions of two land parcels in Pune and Bengaluru and two brownfield acquisitions in Lucknow and Indore, we will add approx. 4 million sq. ft. of retail space to our portfolio. This brings us very close to achieving our stated objective of taking our retail portfolio to 11-12 million sq. ft,” Shrivasatava added.

In addition to the 1.1 mln sq ft of space under construction, another 800,000 can be developed on the site being acquired, the company said.

With a population of 3.8 million and GDP of USO 14 billion (2011), Indore is a major consumption hub in entire Madhya Pradesh.

“Given the fact that Indore does not have large format retail centres and limited options to socialize, Phoenix MarketCity Indore will be a marquee retail destination that Indore deserves,” Shrivastava said.

Located on Agra-Mumbai National Highway, the acquired asset is in close proximity to the developing high growth areas of Indore.

The property is within 10-20 minute distance from residential townships such as Om axe City, Silver Springs, Grande Exotica and Shalimar Palms, the company added.

It could also attract visitors from nearby towns of Ujjain, Dewas, MHOW and Sehore, it added.

“Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend,” Shrivastava said.

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