Business Standard

Phoenix Mills signs term sheet with GIC for mixed-use retail 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

Luxe malls catch realty developers' fancy
Premium

Phoenix Mills already has a joint venture with Canada based CPPIB to invest and develop malls.

Raghavendra Kamath
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

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in