Phoenix Mills has announced that it has invested in Palladium Constructions Pvt Ltd and Platinum Hospitality Services Pvt Ltd, two project specific SPVs, which have in turn acquired a parcel of land admeasuring 67,735 sq. mtrs at Rajaji Nagar, Bangalore. Phoenix Mills will own a 70% stake in both the SPVs.
The cost of the land, including stamp duty and registration charges is Rs3.52bn, Phoenix Mills said. The location is very central and the company believes this property will add great value to the " Market City " concept that the company is currently developing across the country, it added.
This development is expected to give the company a significant branding and profiling as a Retail Format Developer provider in South-India, Phoenix Mills said.
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