The country’s second largest cinema chain operator PVR Ltd has sold and simultaneously leased back its multiplex property at Phoenix Mills in Lower Parel, Mumbai, in a deal worth Rs 100 crore. PVR has sold off CR Retail Malls that owns the property to Infinite India Investment Management, a 50:50 joint venture between JM Financial Group and SRS Fund.
According to PVR Ltd, it has approved the sale of entire shares of its wholly owned arm CR Retail Malls (India) Ltd as part of the agreement and will receive a sum of Rs 100 crore, in the form of refund of existing loans made to CR Retail and consideration against sale of equity shares. Post-completion of the transaction, PVR will continue to operate the multiplex property on a long-term lease arrangement basis.
The deal monetises the asset owned by PVR while allows it to continue with its business at the location where it operates a seven-screen cinema theatre, one of its key revenue generators.
GenReal Property Advisers, a real estate consulting firm, acted as advisers to the transaction.
The transaction adds to Infinite India’s portfolio which, as a dedicated real estate investment firm, intends to invest $400 million in the country primarily in the residential, commercial and retail sectors.
Some of its recent investments include a 32-acre mixed-use development project in Mumbai, a 1.8 million sq. ft. IT park in Chennai, 0.6 million sq. ft. retail site in Vishakhapatnam and one million sq. ft. group housing projects in Kochi and Trivandrum, besides entity-level investments in a few real estate and hospitality players in Bangalore, Kolkata and Delhi.
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