Phoenix Mills’ 100% subsidiary Destiny Hospitality Services (DHSPL) has signed definitive agreement to acquire an under-construction retail development in Lucknow for Rs 453 crore. DHSPL will develop this asset as Phoenix MarketCity Lucknow with leasable area of approximately 0.9 million sq. ft. The asset was e-auctioned by Lucknow Development Authority (LDA) wherein DHSPL emerged as the highest bidder.
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.
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.
