This mall development company acquired land for Rs 510 crore to build a premium retail destination

Shares of the company are trading higher by more than 2 per cent.

Phoenix Mills has completed the acquisition of a 7.22 acre-land parcel in Surat, Gujarat for about Rs 510 crore. The amount is inclusive of stamp duty. The land parcel has been acquired through Thoth Mall and Commercial Real Estate, an indirect subsidiary of the company. The subsidiary firm will develop a premium retail destination with a gross leasable area of about 1 million square feet, and currently, expects to complete the retail development by FY27. 

Phoenix Mills has 5 under-development projects of which 2 projects will be completed by the end of December 2022 or January 2023. 

Phoenix Mills is engaged in the business of creation and management of properties in the real estate sector through development, planning, execution, marketing and sales. The company has been in the business for over 117 years. 

Today, the stock opened at Rs 1424.00, with a high and low of Rs 1443.55 and Rs 1415.10. The stock previously closed at Rs 1398.20. It is currently trading at Rs 1428.10, up by 2.14 per cent.   

In the last six months, the shares of the company have given 31.87 per cent returns and on a YTD basis, the stock has given 46.47 per cent returns.   

The stock has a 52-week high of Rs 1620.00 and a 52-week low of Rs 884.30. The company has a ROCE of 6.34 per cent and an ROE of 4.09 per cent, with a market capitalisation of Rs 25,502.32 crore.