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ICICI Securities Report
The Phoenix Mills Ltd. has announced the completion of the Surat mall land acquisition for Rs 5.1 billion in partnership with Ahmedabad based Bsafal Group.
Phoenix's joint venture with Singapore's sovereign wealth fund GIC (67.1% Phoenix stake) will hold 80% stake in this asset with balance 20% held by Bsafal with Phoenix effectively having 54% stake in this asset.
As per company, the 1.0 million square feet mall may have total capex of Rs 12.5 billion (including land) to be funded 50:50 through equity and debt with a targeted mall opening in FY27.
We assume Surat mall opening in H2 FY27 with FY28 stabilised annual rental income of Rs 1.6 billion at over 90% occupancy and rentals of ~Rs 140/per square feet/month which implies 13.2% gross rental yield on invested capital.
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