 "Luxe malls catch realty developers' fancy")
Mall developer The Phoenix Mills Ltd said that the listed company and few of its SPVs have signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform.
The assets include Phoeix Mills' Mumbai (Kurla), Pune malls and Mumbai (Kurla) offices having a total leasable area of 3.36 million sq ft (2.33 million sq ft of malls and 1.03 million sq ft of offices) that generated FY20 NOI of Rs 3,700 crore.
The indicative pre-money EV for these assets is Rs 5,600 crore to Rs 5,700 crore or an equity value of Rs 4,000 crore
