PHOENIX MILLS- BSAFAL GROUP JV TO DE­VELOP PREMIUM RETAIL SPACE IN AHMED­ABAD

Shopping Center News - - NEWSMAKERS NATIONAL -

The Phoenix Mills (PML) has an­nounced that it has formed a 50:50 joint ven­ture with Ahmed­abad­based BSafal group to ac­quire a 5.16 acre land lo­cated on Sarkhej-Gand­hi­na­gar (SG) High­way with an in­vest­ment of `230 crore. “This in­vest­ment is in line with our plan to es­tab­lish pres­ence in emerg­ing TierI cities. Ahmed­abad has been on our radar for some time as the city has one of the most dis­cern­ing cus­tomers in the coun­try who are young, aspi­ra­tional, well-trav­elled and have high propen­sity to spend. Our pro­posed premium retail de­vel­op­ment will cater to up­mar­ket res­i­den­tial ar­eas of Western Ahmed­abad as well as the catch­ment ar­eas,” Shishir Shri­vas­tava, Joint Man­ag­ing Di­rec­tor, PML said in a re­lease.“With this foray in Ahmed­abad, the com­pany’s retail port­fo­lio un­der de­vel­op­ment stands at about 4.6 mil­lion square feet in ad­di­tion to its ex­ist­ing op­er­a­tional port­fo­lio of about 6 mil­lion square feet,” he added.“This brings us very close to our stated plan of adding 5-6 mil­lion sq. ft. by FY23,” he added. The JV will de­velop a premium retail des­ti­na­tion spread over ap­prox­i­mately 0.6 mil­lion square feet and this retail de­vel­op­ment will be op­er­ated and man­aged by PML.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.