Phoenix Mills Building War Chest For Attractive Acquisitions

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On Dec. 1, Phoenix Mills Ltd. along with subsidiaries Offbeat Developers Pvt., Graceworks Realty and Leisure Pvt. and Vamona Developers Pvt. has jointly signed a non-binding term sheet with an affiliate of GIC Pvt. for the formation and development of a strategic retail-led mixed use platform.

According to the disclosures, the company will contribute retail assets with gross leasable area of 2.33 million square feet and commercial retail assets with gross leasable area of 1.03 msf.

According to the company, the assets contributed by Phoenix Mills are indicatively valued at an approximate enterprise value of Rs 56 billion-Rs 57 billion. This is in line with our valuation.

Click on the attachment to read the full report:

Nirmal Bang Phoenix Mills-Company Update-03 December 2020.pdf


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