ICICI Securities: Phoenix Mills’ Potential Fund Infusion May Usher In Growth 
A shopper rides an escalator at a mall  (Photographer Anita Pouchard Serra/Bloomberg)

ICICI Securities: Phoenix Mills’ Potential Fund Infusion May Usher In Growth 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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).

Click on the attachment to read the full report:

ICICI Securities Phoenix Mills Company Update.pdf

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