Phoenix Mills acquires 7.22 acres land in Surat.

Phoenix Mills announced recently that it has completed acquisition of a prime city-centric land parcel in Surat, Gujarat, admeasuring approximately 7.22 acres, for a total consideration of approximately Rs. 510 crore, inclusive of stamp duty. The land is at a strategic location on Udhana Magdalla Road, Surat, Gujarat.

The land has been acquired through Thoth Mall and Commercial Real Estate (Thoth), an indirect subsidiary of the Company. Thoth will develop a premium retail destination with gross leasable area of approximately 1.0 million square feet and currently expects to complete the retail development by FY27.

BS