Realestate

DLF mulls auction bid for Delhi’s Ambience mall with base price of $366 mn: Report

DLF will evaluate knowledge 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 mentioned on Thursday.

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

The 1.2 million sq. ft “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 line with a beforehand unreported public public sale discover.

DLF will evaluate knowledge 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 mentioned 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 vogue retailer H&M and Uniqlo, owned by Japan’s Quick Retailing. It’s situated proper subsequent to 2 different large DLF malls on the identical stretch, together with one which homes luxurious manufacturers.

“It is a very well-located asset. It is grow to be a vacation spot in itself due to different malls round it. It is a bouquet of manufacturers collectively,” mentioned 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 purchasing malls and motels.

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

An Indiabulls govt 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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