![]() Phoenix Mills to sell Rs 300cr Kurla property; stk up 4.8%Published on Mon, Jan 30, 2012 at 09:33 | Source : Moneycontrol.com Updated at Mon, Jan 30, 2012 at 10:05
Moneycontrol Bureau Shares of Phoenix Mills rose 5% to Rs 184.50 following news that the company is in talks for selling its commercial property in Kurla, valued around Rs 300 crore. Gayatri Ruia, development director with Palladium, a mall brand promoted by Phoenix was quoted in Hindustan Times saying, "We are in talks with 2-3 buyers for sale of property. We expect a price of around Rs 15,000 per sqft. We may opt to sell the property to more than one buyer. Phoenix Mills along with HBS Realtors, Mumbai, and Pradhan Housing, Hyderabad, hold 80% share in Offbeat Realtors while IL&FS, Edelweiss and NPC Capital, a German investor, hold the remaining 20%. The 25-acre plot was bought in 2006 for Rs 235 crore. The total cost of the under-construction Kurla property is pegged at Rs1,550 crore. The sale of the property is in line with the group's expansion plans. The company is expanding its reach at seven locations in tier-2 and tier-3 cities through joint ventures. Did you read: Buy Phoenix Mills; target of Rs 255: Motilal Oswal
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