Phoenix Acquires Under-construction Retail Development At Lucknow
The Phoenix Mills Limited (PML) announced that its 100% subsidiary Destiny Hospitality Services Private Limited (DHSPL) has signed definitive agreement to acquire an under construction retail development in Lucknow for INR 4.53 billion (Rs 453 crore). The asset was e-auctioned by LDA wherein DHSPL emerged as the highest bidder.
The retail asset is located at Sector 7, Gomti Nagar, one of the fastest growing and the most sought-after locations in Lucknow for residential as well as commercial developments. The under-construction retail asset is spread over 13.5 acres and is located adjacent to Ekana International Stadium and part of an envisaged 34-acre Super Mega Mixed Use Integrated Project comprising retail, hospitality and commercial developments.
1. Destiny Hospitality Services Private Limited (DHSPL), a 100% subsidiary of The Phoenix Mills Limited acquired the asset in an e-auction conducted by Lucknow Development Authority (LDA)
2. Located at Sector 7, Gomti Nagar, a prime location in Lucknow, the under-construction asset is part of the envisaged Super Mega Mixed Use Integrated Project comprising retail, hospitality and commercial developments
3. DHSPL will develop this asset as Phoenix MarketCity Lucknow with a leasable area of approx. 0.9 million sq. ft.