Phoenix Mills today said it has acquired an under construction retail asset in Indore for Rs 234 crore.
The acquisition has been done through its 100 per cent subsidiary Insight Hotels and & Leisure.
Phoenix Mills has acquired the asset for Rs 2.34 billion in an auction conducted by an asset reconstruction company, the company said in a regulatory filing.
This brownfield expansion will add about 1.1 million sq ft to the company's retail asset portfolio. The site offers further development potential of about 8 lakh sq ft.
Commenting on the acquisition, the company's joint managing director Shishir Shrivastava said, "Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app