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Phoenix Mills, India's leading retail mall developer and operator, has successfully acquired 11 acres of land in Thane from Huhtamaki's Indian arm for a substantial amount of Rs 429 crores. The transaction, facilitated through four conveyance deeds, has been carried out by Phoenix Mills' wholly-owned subsidiary, Sparkle Two Mall Developers. This strategic land acquisition in the Majiwada locality is earmarked for the development of a commercial project, incorporating office spaces.
The financial details reveal that Phoenix Mills, along with Sparkle Two Mall Developers, has executed four conveyance deeds, with Rs. 400.87 crores paid under two deeds. The remaining amount is contingent upon the fulfilment of specified conditions agreed upon by both parties. Phoenix Mills India has reported a remarkable 36% increase in net profit and a substantial 34% growth in income from operations. Notably, the rental income from assets has surged by 25% in the fiscal year 2023-24.
Phoenix Mills is actively involved in the expansion of retail destinations across major Indian cities, contributing to a total retail space of 3 million sq ft. The company also boasts an operational commercial office with a leasable area exceeding 2 million sq ft and an under-development office portfolio exceeding 5 million sq ft. The total consumption for the year 2023-24 has seen a significant 20% rise, reaching Rs. 2,639 crores, and a growth of 19% to Rs. 5,213 crores.
In addition to its Thane project, Phoenix Mills has inaugurated a 1.2 million sq ft mall over 13 acres of land in North Bengaluru, a joint venture with the Canada Pension Plan Investment Board. The company's leasable land portfolio now exceeds 11 million sq ft across 12 retail hubs in eight major Indian cities.
Huhtamaki Oyj, the global food packaging specialist headquartered in Espoo, Finland, operates in India through its subsidiary, Huhtamaki PPL. With 14 manufacturing locations across the country, Huhtamaki PPL has been a stalwart in the packaging industry in Mumbai.
The real estate move by Phoenix Mills aligns with the buoyant atmosphere in the Indian office sector, which has attracted institutional investments amounting to $1.8 billion in the first half of 2023. The increasing confidence of investors in the commercial sector is evidenced by the consistent growth in foreign investments over the past five years. This trend is driving the acquisition of land for the construction of additional office spaces available for lease.
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