Phoenix Mills Eyeing Key Retail Space

Phoenix Mills is eyeing acquisition opportunities judiciously in key property markets across India to support its targeted growth, said a top company official.

“We generate strong free cash flows from our retail assets and growing commercial office portfolio, and will aim to strategically deploy the internal accruals towards select greenfield and brownfield retail-led mixed use developments in select key cities of India such as Kolkata, Chandigarh, Hyderabad and Mumbai, amongst others,” Shishir Shrivastava, joint managing director, The Phoenix Mills.

Over the past 18 months, the company has already made five acquisitions, including three land parcels in Pune, Bengaluru and Ahmedabad and two under-construction retail assets in Lucknow and Indore.

Of these, Pune, Bengaluru and Indore acquisitions have been made through its strategic alliance with the Canada Pension Plan Investment Board. The Lucknow property is fully owned by the company and Ahmedabad is through a 50:50 alliance with realty developer BSafal Group. These properties will add 4.6 million sq ft to its portfolio.