Phoenix Mills Signs Non-Binding Term Sheet

"The Phoenix Mills and its subsidiaries, Offbeat Developers Private Limited, Graceworks Realty and Leisure Private Limited and Vamona Developers Private Limited, have jointly signed a non-binding term-sheet with an affiliate of GIC Private limited ('GIC'), for formation and development of a strategic retail-led mixed-use platform," the company said in a regulatory filing.
Phoenix Mills sign a non-binding term-sheet with an affiliate of Singapore's GIC to develop a strategic retail-led mixed use platform. GIC will invest in the Phoenix units via a combination of primary infusion and secondary purchase of shares. GIC will initially acquire a 26% stake, which may be further raised up to 35% within a 12 month period from the closing of the deal.
Phoenix’s asset contributions indicatively valued at enterprise value of Rs56 billion-57 billion.
Phoenix will contribute Phoenix Marketcity Mumbai, Phoenix Marketcity Pune, Art Guild House, Phoenix Paragon Plaza and Centrium Mumbai as a part of the platform.
Phoenix’s asset contributions indicatively valued at enterprise value of Rs56 billion-57 billion. The companies may consider options to monetize the platform, including by way of a REIT, over a 3-5 year period.