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Sign in Sign up for a FREE subscriptionPhoenix Mills and GIC to create mixed-use retail platform
Indian mall developer Phoenix Mills Ltd. (PML) and its subsidiaries have signed a term-sheet with an affiliate of Singapore’s sovereign wealth fund GIC to set up a retail-led mixed-use platform.
GIC will invest in the PML subsidiaries — Offbeat Developers Pvt., Graceworks Realty and Leisure Pvt., and Vamona Developers Pvt. As part of the deal, GIC will initially acquire a 26 percent stake, which can be raised to 35 percent within 12 months from closing of the proposed deal.
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.
Phoenix Mills will utilize the proceeds as development capital for additional expansion and acquisition of greenfield, brownfield, operational and/or distressed mall possibilities.
