ealty stocks in momentum … Phoenix Mills Signs Non-Binding Term Sheet With GIC Affiliate…Positive for Oberoi, DLF, Sobha, Bridage, Goj Prop, Suntek
Realty stocks are witnessing smart rally after the news that the Phoenix Mills sign a non-binding term-sheet with an affiliate of Singapore’s GIC to develop a strategic retail-led mixed use platform. GIC will invest in the Phoenix units via a combination of primary infusion and secondary purchase of shares. GIC will initially acquire a 26% stake, which may be further raised up to 35% within a 12 month period from the closing of the deal. Phoenix’s asset contributions indicatively valued at enterprise value of Rs56 billion-57 billion. Moreover, market hope of soft interest rate will be positive for Real estate stocks. Phoenix Mills climbed up by 8%. Oberoi Realty DLF, Sobha, Bridage Enterprises gained 3-7%.