Phoenix Mills’ promoters are reportedly planning to divest 50% stake in two of the company’s mixed use projects at Pune and Bengaluru. The two projects - named Phoenix Marketcity - are learnt to be valued at Rs 4,500 crore.
The Mumbai-based property developer is expected to use the proceeds to develop new malls as well as acquire new properties. Phoenix Mills runs its flagship high street Phoenix and luxury mall Palladium in Mumbai.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
