Movies

PVR close to selling its Phoenix Mill property

MUMBAI: PVR Ltd‘s plans to sell off its multiplex in the Phoenix Mill property for over Rs 1 billion may almost come through, what with talks with a few private equity funds in the race for the property going on.


PVR will, however, continue to run the multiplex in the same property by adopting the sale and lease back model. In this model, common in western countries, the company sells its property and then leases it back from the buyer.


The seven-screen multiplex at Lower Parel is part of a prime retail and entertainment destination in Mumbai. The Phoenix Mills property is owned by CR Retail Malls (India), a wholly-owned subsidiary of PVR.


Last September, the company had said that it was evaluating various options to fund its long-term expansion plans and may consider sale and lease back of the Phoenix Mill property as one of the options.


The strategy was to become an asset light company and use the funds generated to concentrate on growing its business through the organic leasing route.


Sources say that a deal is expected to be announced shortly. However, senior PVR executives were not available for comment.

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