Inorbit Malls completes acquisition of 2 malls for Rs 1242.5 cr

Inorbit Malls has completed acquisition of two shopping malls from Prozone Realty Ltd for Rs 1,242.5 crore, as part of its expansion plan.

In a statement on Tuesday, the company said it has completed acquisition of two mall assets at Chhatrapati Sambhaji Nagar (formerly Aurangabad) and Coimbatore.

The transaction doubles Inorbit Malls' asset base from 4 to 8 within a year and takes its total gross leasing to over 5 million sq ft.


Separately, Prozone Realty in a regulatory filing, informed that it has completed the sale and transfer of equity shareholdings in these two assets to Inorbit Malls (India) Pvt Ltd.

The aggregate gross consideration for the transaction is Rs 1,242.50 crore, being the same gross consideration disclosed at the time of announcement of the transaction, Prozone Realty said.