DLF mulls public sale bid for Atmosphere mall with base worth of $366 mn: Report

Home » DLF mulls public sale bid for Atmosphere mall with base worth of $366 mn: Report

DLF will evaluate information associated to the mall’s occupancy standing and contractual obligations after which contemplate whether or not to bid for it or not, one of many sources with direct data stated on Thursday.

India’s greatest actual property developer DLF is evaluating a bid for a outstanding New Delhi shopping center which has a beginning public sale worth of $366 million, in response to two sources and a public discover seen by Reuters.

The 1.2 million sq. toes “Atmosphere Mall” within the posh southern district of India’s capital has been put up for public sale as its present proprietor, the Atmosphere Group, has not paid debt of $149 million to Indiabulls Housing Finance and different collectors, in response to a beforehand unreported public public sale discover.

DLF will evaluate information associated to the mall’s occupancy standing and contractual obligations after which contemplate whether or not to bid for it or not, one of many sources with direct data stated on Thursday.

DLF declined to remark. A director of Atmosphere Group, Aman Gehlot, declined to touch upon the discover or public sale course of. Indiabulls didn’t instantly reply to Reuters queries.

The Atmosphere mall homes outstanding manufacturers like Swedish style retailer H&M and Uniqlo, owned by Japan’s Quick Retailing. It’s positioned proper subsequent to 2 different big DLF malls on the identical stretch, together with one which homes luxurious manufacturers.

“It is a very well-located asset. It is turn into a vacation spot in itself due to different malls round it. It is a bouquet of manufacturers collectively,” stated the second supply who declined to be named.

The Atmosphere Group’s web site states it has curiosity in residential and workplace actual property, in addition to buying malls and lodges.

A public discover acknowledged the public sale will finish on Sept. 5 and that the reserve worth for the mall was 29 billion rupees ($366 million). It was not instantly clear when the public sale started.

An Indiabulls government concerned within the public sale course of advised Reuters two firms had expressed curiosity within the mall already, however declined to share their names.


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