Phoenix Mills Ltd takes full ownership of Classic Mall Development Company
The Phoenix Mills Limited (PML), an Indian mixed-use real estate developer, has taken full ownership of Classic Mall Development Company (CMDCL) by acquiring the remaining 50% for INR 9,360 million.
The stake was acquired from Crest Ventures Limited (46.35%) and its fully-owned subsidiary Escort Developers Private Limited (3.65%).
Phoenix Mills financed the acquisition through internal accruals and cash on the balance sheet.
Phoenix Mills Ltd takes full ownership of Classic Mall Development Company, owner of Phoenix Marketcity Chennai. Photo courtesy of Ashwin Kumar from Bangalore, India/Wikipedia.org.
Classic Mall Development Company is the owner of Phoenix Marketcity Chennai with a chargeable area of around a million square feet in the Velachery area of Chennai.
Phoenix Mills stated: “This development is one of the largest malls in the city and is revolutionising the retail & entertainment experience here. The mall consists flagship stores of renowned international & national brands, cafes and fine dining restaurants, food court, unmatched entertainment and leisure options with a large well-designed multiplex and Family Entertainment Centre.”