Phoenix Mills today said it has acquired an under construction retail asset in Indore for Rs 234 crore.
The acquisition has been done through its 100 per cent subsidiary Insight Hotels and & Leisure.
Phoenix Mills has acquired the asset for Rs 2.34 billion in an auction conducted by an asset reconstruction company, the company said in a regulatory filing.
This brownfield expansion will add about 1.1 million sq ft to the company's retail asset portfolio. The site offers further development potential of about 8 lakh sq ft.
Commenting on the acquisition, the company's joint managing director Shishir Shrivastava said, "Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend."