The Phoenix Mills (PML) has opened its fourth Phoenix Marketcity mall in Chennai on January 23, 2013. With the launch of Phoenix Marketcity, the company’s TIER 1 retail portfolio consists of five operational malls with an aggregate leasable area of over 5 million square feet.
Phoenix Marketcity, Chennai comprises of a retail mall with leasable area of approximately 1 million square feet and a residential development of 0.26 million square feet and is part of a 16.5 acre land parcel. The other developments on this land parcel include two residential projects aggregating to 0.6 million square feet of saleable area and a luxury retail mall with 0.2 million square feet leasable area, currently being developed by two other SPVs of the company.
Phoenix Marketcity, Chennai is a mixed use development undertaken by Classic Mall Developers (Classic Mall), an SPV in which PML owns an effective stake of 50.01% (of this, 19.01% stake will be transferred to PML in June 2013 on consummation of the transaction with Kshitij Venture Capital Fund).
The 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.