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The Phoenix Mills Ltd. — Capital/Financing Update 2021
Jun 2, 2021
60675_rns_2021-06-02_7fa4e901-f248-4399-8ea5-45c2abec221c.pdf
Capital/Financing Update
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Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax : (022) 3001 6601 CIN No. : L17100MH1905PLC000200
June 02, 2021
BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051
Security code: 503100 Symbol: PHOENIXLTD
Dear Sirs/Madam,
Subject – Press Release
In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Press Release being issued by the Company titled ‘ The Phoenix Mills & GIC Form a Strategic Retail Led Mixed Use Platform in India ’.
We request you to kindly take the same on record.
Thanking you,
Yours faithfully,
for The Phoenix Mills Limited
Gajendra Digitally signed by Gajendra Mewara Mewara Date: 2021.06.02 08:25:00 +05'30' Gajendra Mewara Company Secretary
Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : [email protected] www.thephoenixmills.com
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The Phoenix Mills & GIC Form a Strategic Retail Led Mixed Use Platform in India
Singapore / Mumbai, India, 02 June 2021: The Phoenix Mills Limited (PML) and GIC, Singapore’s sovereign wealth fund, today announced the execution of definitive documents to form a strategic investment platform, to develop, own and operate retail‐led, mixed‐use developments in India. Earlier in December 2020, PML had announced signing of a non‐binding term sheet with GIC for formation of this retail‐led, mixed‐use platform.
PML through its subsidiaries, Offbeat Developers Private Limited (ODPL), Graceworks Realty & Leisure Private Limited (GRLPL) and Vamona Developers Private Limited (VDPL) and GIC will be parties to the transaction (hereinafter, ODPL, GRLPL and VDPL together referred to as “ PML Subsidiaries ”). PML will contribute the following retail and commercial assets to the platform.
| Assets | City | Approximate Leasable Area (msf) |
FY20 NOI (Rs. Mn) |
Entity |
|---|---|---|---|---|
| Phoenix MarketCity, Kurla Mumbai 1.14 1,239 Phoenix MarketCity,Pune Pune 1.19 1,646 |
Offbeat Developers Vamona Developers |
|||
| Retail Assets 2.33 2,885 |
||||
| Art Guild House Mumbai 0.63 572 Paragon Plaza Mumbai 0.31 188 The Centrium Mumbai 0.12 60 |
Offbeat Developers Graceworks Realty Offbeat Developers |
|||
| Commercial Assets 1.06 820* |
||||
| Total 3.39 3,705 |
- Approximate Leasable areas owned by respective entities
GIC will initially acquire an equity stake of ~26.4% in the PML Subsidiaries by investing an aggregate amount of approximately Rs. 11,110 million by way of a combination of primary infusion and secondary purchase of equity shares in the said PML Subsidiaries. The platform is valued at a pre‐money enterprise value of Rs. 55,000 million. GIC’s stake may further increase to ~33%‐36% in the above‐mentioned subsidiaries through an additional infusion of up to Rs. 4,000 million within 12‐month period from closing.
The primary proceeds from the transaction are intended to be utilized by the PML Subsidiaries as growth capital for further expansion and acquisition of greenfield, brownfield, operational and/or distressed mall opportunities. The secondary proceeds will bolster PML’s safety net in the near term, fund various under‐ construction projects and act as war chest for further acquisitions in the medium term. GIC and PML may consider various options to monetize this platform, including by way of a REIT, over a three to five‐year period from the closing of this transaction.
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About The Phoenix Mills Limited (PML)
PML (BSE: 503100 | NSE: PHOENIXLTD) is a leading retail mall developer and operator in India and is the pioneer of retail‐led, mixed‐use developments in India with completed development of over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes. The company has an operational retail portfolio of approximately 7.0 million square feet of retail space spread across 9 operational malls in 6 gateway cities of India. The company is further developing 5 malls with over 6.0 million square feet of retail space in 5 gateway cities of India. Besides retail, the company has an operating commercial office portfolio with gross leasable area of 1.5 million square feet and plans to add approximately 5.0 million sq. feet of commercial office across existing retail properties going forward. For more information, please visit www.thephoenixmills.com or follow us on LinkedIn.
For further information, kindly contact:
The Phoenix Mills Limited
Advait Phatarfod +91 22 3001 6600 [email protected]
Disclaimer
Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward‐looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward‐looking statements. Important developments that could affect the Company’s operations include changes in the industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. The Phoenix Mills Limited (PML) will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward‐looking statements to reflect subsequent events or circumstances.
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