Phoenix Mills recently acquired an under-construction mall in Indore for a consideration of Rs 230 crore in an auction conducted by an asset reconstruction company. This marks its third acquisition under the Canada Pension Plan Investment Board (CPPIB) platform. In April 2018, the company had acquired a 13-acre land parcel in Hebbal, Bengaluru, for a consideration of Rs 650 crore with development potential of 1.8msf. The company also acquired a land parcel in Wakad, Pune, in August 2017. On this plot, it plans touse 1msf for a mall and balance 0.8msf for mixed-use purposes.These malls are likely to commence operations over FY21-23.
Phoenix has also acquired a 0.9msf under-construction mall in Lucknow for Rs 450 crore. In this case, 90% of RCC work is complete and operations are likely to commence by FY21. The asset was e-auctioned by the Lucknow Development Authority, with Phoenixemerging as the highest bidder. This is the company’s second mall in Lucknow. The mall is spread across 13.5 acres, located adjacent to the Ekana International Stadium, which is part of a 34-acre mixed-use project comprising retail, hospitality and commercial developments.
In its upcoming 1msf mall in Wakad (Pune), PHNX is planning for a new concept ‘F&B Village’ – an open space for F&B consumption at the top of the mall. It would then replicate the F&B Village concept at all its upcoming malls.