Phoenix Mills, BSafal Group to open mall in Surat in partnership

The Phoenix Mills will set up a mall in Surat in collaboration with BSafal Group. Both the companies are also set to open new malls in Indore and Ahmedabad this year. The company is also actively looking for opportunities in Jaipur, Hyderabad and Chandigarh for developing malls that can either be wholly owned by Phoenix or by its joint venture (JV), GIC. Managing Director of The Phoenix Mills, Shishir Shrivastava, said that at every location, the cost for the mall would be between Rs 1,200-1,500 crore. He said that the company intends to conclude Surat and perhaps another two land parcels between Jaipur, Hyderabad and Chandigarh and another market. The company claimed that the Phoenix Citadel Mall Indore might be open around September and has witnessed a 74% of the retail Gross Leasable Area (GLA) being leased. Phoenix Palladium Ahmedabad will also be opened around Diwali this year and would lease 85% of GLA. Phoenix Mall of the Millennium in Pune and Phoenix Mall of Asia at Hebbal, Bangalore, will be operational by the first half (H1) of FY24. The Mall of Millennium in Pune witnessed 51% of its retail GLA being leased while the number stood at 66% for Mall of Asia. The company expects that Bengaluru and Chennai can accommodate more malls. Srivastava said that certain micro-markets in Gurugram have an opportunity for malls. The Mumbai Metro Metropolitan Region (MMR) continues to have opportunities, so there are specific micro-markets in all metros where there are opportunities. The company has plans to open a new mall in Kolkata by early FY27. The total portfolio of Phoenix will increase to around 13 million sq mt of retail GLA. In May, the company bought the remaining 50% of Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers for Rs 936 crore. CMDCL now owns Phoenix Marketcity in Chennai. The Phoenix Mills has set a capital expenditure (capex) of Rs 1,600 crore for FY23, with a 33% increase over the Rs 1,200 crore incurred in FY22. The company has secured an additional finance line for Rs 1,000 crore to fund the completion of the Indore, Pune and Hebbal malls. Image Source Also read: CPPIB, Phoenix Mills invest Rs 700 cr in Island Star Mall Developers