The Phoenix Mills Owned Sparkle Two Mall Developers Purchases 11 Acre Land in Majiwada, Thane For INR 429 Crore

A wholly-owned subsidiary of The Phoenix Mills, Sparkle Two Mall Developers, has paid Rs 429 crore for an 11-acre parcel of land located in the Majiwada locality of Thane, Maharashtra.

Sparkle Two Mall Developers' Board of Directors has granted approval for the purchase of the land parcel from Huhtamaki India.

To acquire the land parcel, the corporation has executed four conveyance deeds and paid Rs 400.87 crore under two conveyance deeds.

The transaction was advised by CBRE South Asia, an international property consultant. The 13-acre, 1.2-million-square-foot complex in Bengaluru was inaugurated by the company last month as part of a joint venture with Canada Pension Plan Investment Board.

Phoenix Mills is expanding two of its existing retail destinations by approximately three million square feet and developing two additional retail destinations in two key cities of India.