The Phoenix Mills Ltd on Friday said it has completed the acquisition of 7.22 acre-land parcel in Surat, Gujarat for about Rs 510 crore.
The amount is inclusive of stamp duty.
The land parcel has been acquired through Thoth Mall and Commercial Real Estate Private Ltd, an indirect subsidiary of the company.
The subsidiary firm will develop a premium retail destination with gross leasable area of about 1 million square feet, and currently, expects to complete the retail development by FY27.
Graceworks Realty & Leisure Pvt Ltd, which is a joint venture between The Phoenix Mills and GIC entity, owns 80 per cent equity shareholding in Thoth Mall and Commercial Real Estate.
The remaining 20 per cent equity shareholding is with Safal Construction (India) Private Limited, the flagship development arm of the Ahmedabad-based BSafal Group.
"Given the strategic location, the large captive population and the rapid growth expected in Surat, we believe that our mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption centre not only for Surat, but also for the region," Shishir Shrivastava, Managing Director of The Phoenix Mills Ltd, said.
This mall will be its second retail development in Gujarat, first being Phoenix Palladium Ahmedabad, which is expected to commence operations shortly, he added.
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