Investment Manager
Portfolio
Market City Retail, Bangalore
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Project
Yatra has acquired 30% interest in a retail-led mixed-use project Market City,Bangalore. Bangalore, India's Silicon Valley, has the largest aggregation of IT companies in the country. Operations of global IT majors such as IBM, HP, Dell, GE and Accenture are based here. The city's other economic drivers include heavy industries, aerospace, telecommunications, machine tools, biotechnology and defence establishments.
Market City is located in north Bangalore in the middle and high income residential micro-marketof Yeshwanthpur.The project is surrounded by large residential layouts with little access to institutional grade retail.
Capitalising on this, Yatra and its partner Phoenix Mills sourced a 16.7 acre land parcel in the midst of these residential layouts. This is Yatra's third venture with Phoenix Mills.The development will include 1.7 million square feet of retail space and 600,000 square feet of premium residential units.
Market City is positioned as a pan-India retail destination, offering a wide range of brands from aspirational fashion and lifestyle to smaller independent retailers set in the midst of a landscaped environment. The tenant mix for the mall would include hypermarkets,departmental stores and multiplex.
The development is being designed by Benoy, the architectural firm that has designed several retail destinations in the UK such as Bluewater and Bullring.
Key Highlights
Yatra has acquired 30% interest in a retail-led mixed-use project Market City,Bangalore. Bangalore, India's Silicon Valley, has the largest aggregation of IT companies in the country. Operations of global IT majors such as IBM, HP, Dell, GE and Accenture are based here. The city's other economic drivers include heavy industries, aerospace, telecommunications, machine tools, biotechnology and defence establishments.
Market City is located in north Bangalore in the middle and high income residential micro-marketof Yeshwanthpur.The project is surrounded by large residential layouts with little access to institutional grade retail.
Capitalising on this, Yatra and its partner Phoenix Mills sourced a 16.7 acre land parcel in the midst of these residential layouts. This is Yatra's third venture with Phoenix Mills.The development will include 1.7 million square feet of retail space and 600,000 square feet of premium residential units.
Market City is positioned as a pan-India retail destination, offering a wide range of brands from aspirational fashion and lifestyle to smaller independent retailers set in the midst of a landscaped environment. The tenant mix for the mall would include hypermarkets,departmental stores and multiplex.
The development is being designed by Benoy, the architectural firm that has designed several retail destinations in the UK such as Bluewater and Bullring.
Key Highlights
- The project is located in a prime residential enclave and has a strong primary catchment with high disposable incomes.
- With the new airport becoming operational in the northern suburbs of the city, this micro-market will gain prominence as many companies will move their offices to north Bangalore.
- The Brigade Gateway, an integrated development located close to the project, is designed to draw people to the area, building a strong captive audience.
- The project partner is Phoenix Mills, a prominent developer in Indian retail. Phoenix Mills has a flagship retail mall High Street Phoenix in the heart of Mumbai with brands like Big Bazaar, Pantaloons, Marks & Spencer, Lifestyle and Nine West as tenants.
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