ICICI Securities: Phoenix Mills’ Potential Fund Infusion May Usher In Growth
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ICICI Securities Report
The Phoenix Mills Ltd. has informed exchanges that the listed entity along with few of its special purpose vehicles has signed a non-binding term sheet with GIC Private Equity for the formation of a retail-led mixed-use platform.
The assets include Phoenix’s Mumbai (Kurla) and Pune malls and Mumbai (Kurla) offices having a total leasable area of 3.36 million square feet (2.33msf of malls and 1.03msf of offices) that generated FY20 net operating income of Rs 3.7 billion.
The indicative pre-money enterprise value for these assets is Rs 56-57 billion or an equity value of Rs 40-41 billion (debt of Rs 16 billion as of March-20).
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