GIC Pte. Ltd. signed a non-binding term sheet to acquire a 26% stake in Offbeat Developers, Graceworks Realty and Leisure and Vamona Developers from The Phoenix Mills Limited.
December 30, 2020
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GIC Pte. Ltd. signed a non-binding term sheet to acquire a 26% stake in Offbeat Developers, Graceworks Realty and Leisure and Vamona Developers from The Phoenix Mills Limited (BSE:503100) on December 1, 2020. GIC Pte. Ltd. entered into a definitive agreement to acquire a 26% stake in Offbeat Developers, Graceworks Realty and Leisure and Vamona Developers from The Phoenix Mills Limited (BSE:503100) on June 2, 2021. In a related transaction, The Phoenix Mills Limited 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. GIC will invest in the PML Subsidiaries by way of a combination of primary infusion. The date of completion of the disposal of shares would depend upon completion of the conditions precedent as mentioned in the definitive agreements and fulfillment of certain conditions precedent contained therein. The proceeds of the transaction are intended to be utilized as growth canital for further expansion and acquisition of greenfield, brownfield, operational and/or distressed mall opportunities. Parties may consider various options to monetize this platform, including by way of a REIT, over a three to five-year period from the closing of the Proposed Transaction.
The Phoenix Mills Limited is an India-based real estate development company. The Company is engaged in the development and leasing of commercial and retail space. The Company operates through two segments: Property and related services and Hospitality. The Property and related services segment are engaged in providing mall /office areas on license basis and development of commercial / residential properties. The Hospitality segment is engaged in the operation of hotels and restaurants. Its retail projects include Phoenix Palladium, Mumbai; Phoenix Marketcity, Pune; Phoenix Mall of the Millennium, Pune and Palladium, Chennai. Its commercial projects include Art Guild House, Mumbai; The Centrium, Mumbai; Fountainhead Tower 1, Pune; Fountainhead Tower 2, Pune; Fountainhead Tower 3, Pune and Phoenix House, Mumbai. Its hospitality projects include The St. Regis, Mumbai and Courtyard by Marriott, Agra. Its residential projects include One Bangalore West and Kessaku, Bangalore.
GIC Pte. Ltd. signed a non-binding term sheet to acquire a 26% stake in Offbeat Developers, Graceworks Realty and Leisure and Vamona Developers from The Phoenix Mills Limited.