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Phoenix Mills (PHOE.BO; Rs192.00; 1M)
Takeaways from Mumbai - Phoenix Mills presented at our India Investor
Conference in Mumbai. Below are the key takeaways
What's new at High Street Phoenix? - Current average rental is Rs165-170/sf.
This is expected to go up with renewals of the anchor tenant space of ~150,000sf
and from greater contribution coming from revenue share agreements. Currently, 9-
10% of the revenue was on account of revenue share mechanism. Management is
looking to raise this to ~15-20% of revenue gradually over years as the fixed-rate
old contracts are renewed and converted to revenue-share agreements.
Pune Market City to go live in June-July 2011 - Pune market city is now ~80%
leased. Key anchor and mini anchor tenants (40-45% of total leasable area)
include- PVR (~90,000sf), Star India Hypermarket (~95,000sf), Zara - the first in
Pune (~25,000sf), Diesel - (first in Pune), Marks & Spencer and Mango.
Kurla & Bangalore Market City to go live before close of CY11 - Pune market
city is now 70% leased. Like Pune, key anchor and mini anchor tenants will occupy
~40-45% of total leasable area - Big Cinemas (~70,000sf), Reliance
Hypermarket (~70-75,000sf), Zara (~25-30,000sf), Reliance Trends and Reliance
Footprints are among other tenants. Bangalore rentals are averaging at Rs 60-65/sf.
Other updates - (a) Chennai is expected to be launched between Jan-Mar 11 and
rentals are averaging at ~Rs 75-80/sf. (b) Shangri-La ARRs are expected at Rs 12-
13,000/sf. This asset should yield top line of Rs 2.5b when the asset stablizes in the
2-3 years of launch (which is expected in Nov-Dec11). (c) The company is ready to
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Phoenix Mills (PHOE.BO; Rs192.00; 1M)
Takeaways from Mumbai - Phoenix Mills presented at our India Investor
Conference in Mumbai. Below are the key takeaways
What's new at High Street Phoenix? - Current average rental is Rs165-170/sf.
This is expected to go up with renewals of the anchor tenant space of ~150,000sf
and from greater contribution coming from revenue share agreements. Currently, 9-
10% of the revenue was on account of revenue share mechanism. Management is
looking to raise this to ~15-20% of revenue gradually over years as the fixed-rate
old contracts are renewed and converted to revenue-share agreements.
Pune Market City to go live in June-July 2011 - Pune market city is now ~80%
leased. Key anchor and mini anchor tenants (40-45% of total leasable area)
include- PVR (~90,000sf), Star India Hypermarket (~95,000sf), Zara - the first in
Pune (~25,000sf), Diesel - (first in Pune), Marks & Spencer and Mango.
Kurla & Bangalore Market City to go live before close of CY11 - Pune market
city is now 70% leased. Like Pune, key anchor and mini anchor tenants will occupy
~40-45% of total leasable area - Big Cinemas (~70,000sf), Reliance
Hypermarket (~70-75,000sf), Zara (~25-30,000sf), Reliance Trends and Reliance
Footprints are among other tenants. Bangalore rentals are averaging at Rs 60-65/sf.
Other updates - (a) Chennai is expected to be launched between Jan-Mar 11 and
rentals are averaging at ~Rs 75-80/sf. (b) Shangri-La ARRs are expected at Rs 12-
13,000/sf. This asset should yield top line of Rs 2.5b when the asset stablizes in the
2-3 years of launch (which is expected in Nov-Dec11). (c) The company is ready to
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