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Inorbit Malls has completed the acquisition of two shopping mall assets from Prozone Realty Ltd for INR 1,242.5 crore as part of its expansion plans. The malls are located in Chhatrapati Sambhaji Nagar, formerly Aurangabad, and Coimbatore. With the completion of the transaction, Inorbit Malls has doubled its asset base from four to eight within a year, while its total gross leasing area has crossed 5 million square feet. Prozone Realty has also confirmed the completion of the sale and transfer of its equity shareholdings in the two mall assets to Inorbit Malls (India) Pvt Ltd.
Inorbit Malls has completed the acquisition of two shopping mall assets from Prozone Realty Ltd for INR 1,242.5 crore, strengthening its retail property portfolio.
The two malls are located in Chhatrapati Sambhaji Nagar, formerly Aurangabad, and Coimbatore. The transaction doubles Inorbit Malls' asset base from four to eight within a year and takes its total gross leasing area to more than 5 million square feet.
The acquisition marks a further expansion of Inorbit Malls' presence beyond its existing portfolio of shopping centres. The company said the addition of the two assets is part of its broader growth plans.
Separately, Prozone Realty informed stock exchanges that it has completed the sale and transfer of its equity shareholdings in the two mall assets to Inorbit Malls (India) Pvt Ltd.
Prozone Realty said the aggregate gross consideration for the transaction stood at INR 1,242.50 crore, unchanged from the amount disclosed when the transaction was initially announced.
The completion of the deal gives Inorbit Malls a larger portfolio across multiple cities and substantially increases its total leasable retail space. For Prozone Realty, the transaction completes the transfer of its interest in the two mall assets.
Source PTI
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