Astrea Real Estate Developers (Astrea), a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres land in Coimbatore through a mix of share purchases and direct land acquisitions for Rs 3.7 billion. PML holds 67.1% equity stake in Astrea.
Shishir Shrivastava, managing director of the company said, "We are pleased to announce our acquisition in Coimbatore for a greenfield retail development project. This mall will be our second retail development in Tamil Nadu, following the success of our first development in Chennai, namely Phoenix MarketCity and Palladium Chennai."
In the regulatory filing, the company informed that Astrea has completed the acquisition of 100% equity share capital of Dhanalakshmi Engineering (DEPL), Pulankinar Investment and Finance (PIFPL), Coimbatore Sameera Investments (CSIPL), Shanthi Chandran Enterprises (SCEPL), Shanthi Chandran Investments Coimbatore (SCICPL) and Sheela Traders (STPL). Accordingly, these entities have become wholly-owned subsidiaries of Astrea and stepdown subsidiaries of the company with effect from August 07, 2024.
The entities are land owning companies and collectively hold 7.08 acres of land in Coimbatore. Astrea has acquired the said land of 7.08 acres and has also directly acquired 1.95 acres of land from certain individuals. Thus, Astrea has in aggregate acquired 9.03 acre land parcel. In a separate regulatory filing, PML informed that it, Reco Zinnia (Reco) and Astrea have entered into and executed securities subscription agreement and joint venture agreement. Subsequent to the completion of the investment, PML and Reco hold 67.10% and 32.90% respectively in the paid up equity share capital of Astrea.