A Top mixed-use developer and the best mixed-use development company in India, Phoenix Mills has planning to expand its portfolio in commercial offices over the next three years.
The company plans to integrate the assets very soon across 5.1 million sq. ft. Those assets will be add-ons to its existing retail malls across five major cities in India.
Out of this total expansion move, Pune project will attain 1.2 million sq. ft. development, Mumbai project will attain 1.1-million sq. ft. and Bengaluru will observe a total development of 2.4 million sq. ft. across two major assets of 1.2 million sq. ft. each, whereas Chennai will get four lakh sq. ft. office asset acquisition on its total office assets expansion to 5.10 million sq. ft.
This strategic move of the company is already poised to raise the portfolio of functional office projects to seven million sq. ft. from the current two million sq. ft. by the year 2027. This development will be financed through the internal buildups.
Within the current operational portfolio of its commercial offices, the company recorded gross leasing of over 4.8 lakh sq. ft. during the nine months ending December, 2023.
In the year 2022, Singapore’s sovereign wealth fund GIC capitalized Rs. 400 crore for additional stake in three subsidiaries of The Phoenix Mills, taking its investment to Rs. 1,511 crore. This project was GIC’s second tranche of investment under its strategic partnership with the company to set up a combined venture to develop, own and operate mixed-use projects across India.
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