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Prozone Intu Properties has joined the race to buy malls in India’s prominent cities. It is a joint venture (JV) between Mumbai-based mall developer Prozone and UK’s Intu Properties.
Global private equity majors such as Blackstone, Xander-APG, Singapore’s GIC sovereign fund and the Phoenix Mills-CPPIB alliance have invested in malls and are aggressive on plans to buy more.
BSE-listed Prozone Intu is planning to buy malls in Mumbai, Delhi, Pune and other major cities. “We have already finalised a few deals in Mumbai,” said Nikhil Chaturvedi, managing director.
The firm owns malls in Aurangabad and Coimbatore, and is building a 500,000-sq. ft one
