Astrea Real Estate Developers Acquires 9.03 Acres of Land in Coimbatore
Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has recently completed the acquisition of 9.03 acres of land in Coimbatore for a total cost of Rs 3.7 billion. The acquisition was made through a combination of share purchases and direct land acquisitions. PML currently holds a 67.1% equity stake in Astrea.
Expanding Footprint in Tamil Nadu
Shishir Shrivastava, managing director of Astrea, expressed his pleasure in announcing the company’s acquisition in Coimbatore for a greenfield retail development project. This upcoming mall will mark Astrea’s second retail development venture in Tamil Nadu, following the success of their first project, Phoenix MarketCity and Palladium in Chennai.
Acquisition Details
According to the regulatory filing, Astrea has successfully completed the acquisition of various companies involved in land ownership. These entities, namely 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), have now become wholly-owned subsidiaries of Astrea and stepdown subsidiaries of the company, effective from August 07, 2024.
Collectively, these entities hold 7.08 acres of land in Coimbatore. Astrea, in addition to acquiring this land, has also directly acquired 1.95 acres of land from individual parties. As a result, Astrea now possesses a total land parcel of 9.03 acres.
The Partnership and Ownership Structure
In a separate regulatory filing, PML has disclosed that Astrea, Reco Zinnia Reco, and PML have entered into securities subscription and joint venture agreements. Following the completion of the investment, PML and Reco hold 67.10% and 32.90% respectively in the paid-up equity share capital of Astrea.
This acquisition not only strengthens Astrea’s presence in Coimbatore but also demonstrates the company’s commitment to expanding its retail development portfolio in South India. With the success of their previous venture in Chennai, Phoenix MarketCity and Palladium, Astrea is confident in its ability to deliver another vibrant retail destination in Coimbatore.
Overall, the acquisition of 9.03 acres of land in Coimbatore has paved the way for Astrea’s greenfield retail development project, bringing opportunities for economic growth and job creation in the region. With Astrea’s proven track record and the support of its parent company, PML, the future looks promising for the real estate development in the city.
