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Phoenix Mills to expand office properties' portfolio in three years

Friday, 12 Jan 2024
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Retail-led mixed-use asset developer and operator, Phoenix Mills is set to expand its commercial offices portfolio  over the next three years. It plans to incorporate assets spanning 5.1 million sq. ft. in proximity to its existing retail malls across five key cities in India.

Of this total expansion, Pune will see 1.2 million sq. ft. development, followed by a 1.1-million sq. ft. project in Mumbai. Bengaluru will witness a total development of 2.4 million sq. ft. across two major assets of 1.2 million sq. ft. each, while Chennai will get four lakh sq. ft. office asset taking its total office assets expansion to 5.10 million sq. ft. 

This move is poised to raise the company's operational office projects portfolio to seven million sq. ft. by 2027, from the current two million sq. ft. This expansion will be financed through internal accruals.

In its commercial offices current operational portfolio, during the nine months ending December, 2023, the company saw gross leasing of over 4.8 lakh sq. ft.

In 2022, Singapore’s sovereign wealth fund GIC invested Rs 400 crore for additional stake in three subsidiaries of The Phoenix Mills, taking its investment to Rs 1,511 crore. This was GIC’s second tranche of investment under its strategic partnership with the company to set up a joint venture to develop, own and operate mixed-use projects across India.

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