Phoenix Mills will utilise the proceeds as growth capital for further expansion and acquisition of greenfield, brownfield, operational and/or distressed mall opportunities.Phoenix Mills (PML) has inked a non-binding term sheet with an affiliate of Singapore’s sovereign wealth fund, GIC for creating a strategic retail-led mixed-use property development platform, a move that will help India’s largest mall developer and operator improve cash flows and chart better expansion and acquisition plans.
Under the agreement, the Mumbai-based company will contribute retail assets like Phoenix Marketcity (Mumbai) and Phoenix Marketcity (Pune), besides commercial assets Art Guild House, Phoenix Paragon Plaza and Centrium (Mumbai). These assets will be part of the platform and are indicatively valued at an enterprise value of around Rs 5,600-5,700 crore.
Held by PML subsidiaries, these assets constitute a retail gross leasable area (GLA) of around 2:33 million square feet (MSF) and office GLA…
