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Phoenix Mills plans to buy Everstone’s fund at 68 Crore

Comments(2) Sub Category:Bangalore,Realty News Posted On: Nov 30, 2012

Bangalore- Phoenix Mills Ltd is planning to buy Everstone Capital’s real estate fund in Bangalore for $12 million (Rs 68 crore).

The firm is in talks to buy 7.73 percent stake of Horizon Realty Fund LLC and 18.27 percent stake of Horizon Ventures II, which together, is approximately worth Rs 261 core.

As of now, Island Star Mall Developers Pvt Ltd. holds the project and Phoenix effectively holds 42.05 percent stake in the firm. After the deal, Island Star will become a subsidiary of Phoenix Mills.

Currently, Island Star is developing a mixed-use project in Bangalore comprising of retail mall, hotel and residential developments across an area of 1.89 million sq ft. The retail mall has already been operational from last year. In 2006, Horizon had invested in this project.

Horizon Realty Fund LLC, a $350 million fund raised six years ago, invests in retail-led real estate projects integrated shopping, leisure and entertainment destinations focusing in the development of more than 15 million square feet in the major metros of Mumbai, Bangalore and Hyderabad.

Read more real estate stories:

RBI denies banks’ request of restructuring loans

Growing demand for luxury market in Bangalore, Chennai

2 Responses to “Phoenix Mills plans to buy Everstone’s fund at 68 Crore”

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