[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
The Phoenix Mills has acquired a prime city-centric land parcel in Tamil Nadu’s Coimbatore to develop a premium retail mall.The company’s subsidiary Astrea Real Estate Developers has acquired the land parcel through a mix of share purchases and direct land buy, Phoenix Mills said in a regulatory filing.The Phoenix Mills holds 67.1 percent equity stake in Astrea. The company has not disclosed the land size and the consideration paid for the same.”The land is at a strategic location on Avinashi Road in the vicinity of prominent catchments including prime residential areas like Racecourse road, Peelamedu and Gandhipuram. Given the strategic location, the large captive population and the rapid growth expected in Coimbatore, we believe that our upcoming retail centre can cater to the untapped and growing retail demand in this city,” said Shishir Shrivastava, MD, The Phoenix Mills.This will be Phoenix Mills’ second retail development in Tamil Nadu, following its first development in Chennai, Phoenix MarketCity and Palladium Chennai.Separately, the company also announced that The Phoenix Mills, Reco Zinnia, and Astrea Real Estate Developers, a wholly owned subsidiary of the company, have entered into and executed securities subscription agreement and joint venture agreement. Following this, the company and Reco hold 67.10 percent and 32.90 percent respectively in Astrea.
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