Phoenix Mills will be expanding its retail and office assets. The company will be adding over eight million sq ft of space to its retail and office assets as demand for office gains momentum.
The company is banking on its global funding partners Canada Pension Plan Investment Board (CPPIB) and Singapore’s sovereign wealth GIC to drive its next leg of expansion.
It has six assets under a JV with CPPIB and five assets with GIC. The company’s retail portfolio is set to rise 75 percent to 14 million sq ft and its office portfolio will rise 3.5 times to 7.1 million sq ft.
As many as three malls in Ahmedabad, Pune and Bengaluru will be operational by June 2023, adding over three million sq ft, while 2.4 million sq ft of office space will also be ready.
Moreover, two more malls will start operations in FY25 and FY27. It is also expanding existing malls in Mumbai, Bengaluru and Chennai through densification. A few cities such as Jaipur, Hyderabad and Chandigarh are already under consideration for potential expansion.
The company is also evaluating Tier-2 cities such as Nagpur, Goa and Vizag.