PVR to Sell Phoenix Mill Mall Property for ₹80-100 Crore

PVR Ltd. has announced its plan to sell the Phoenix Mill mall property in central Mumbai, with a price tag of ₹80-100 crore. The company aims to adopt a sale and lease back model for its cinema theatre in the same property, allowing it to continue operating its business while becoming an asset-light company. The move is part of PVR's strategy to focus on organic leasing and long-term expansion plans. The Phoenix Mill property, owned by CR Retail Malls (India), is a prime retail and entertainment destination in Mumbai.

Key Takeaways:

• PVR plans to sell the Phoenix Mill mall property for ₹80-100 crore to private equity funds.
• The company will continue to operate its cinema theatre in the property through a sale and lease back model.
• The strategy aims to make PVR an asset-light company, using the funds generated to focus on organic leasing and long-term expansion.
• The Phoenix Mill property is a prime retail and entertainment destination in Mumbai, with a 7-screen multiplex and a sprawling 65,000 square feet of area.
• The property is owned by CR Retail Malls (India), a wholly-owned subsidiary of PVR.
• The plan to sell the property was first considered in 2010 as part of PVR's long-term expansion plans.

Statistics:

• ₹80-100 crore: the expected sale price of the Phoenix Mill mall property.
• 7: the number of screens in the multiplex at the Phoenix Mill property.
• 65,000: the square feet of area occupied by the multiplex at the Phoenix Mill property.

Sources:

• Accord Fintech Pvt. Ltd. (Copyright 2011)
• Contify.com