Carnival Group acquires Elante Mall

Mumbai, September 30

Advertisement

Mumbai-based Carnival Group today said it had acquired Larsen & Toubro’s commercial real estate projects in Chandigarh for a whopping Rs 1,785 crore. The deal includes the largest mall in Chandigarh — Elante Mall, Hyatt luxury hotel and the office premises with a central courtyard.

“This acquisition is part of asset creation for the group as an investment portfolio. It will help us further expand our capabilities and has allowed us to make inroads into newer markets. This project will be operated as a separate unit and will be led by its current India-based management team,” Carnival Group Chairman Shrikant Bhasi said in a statement.

The acquisition would enable Carnival Group to widen its portfolio and help the company achieve leadership position in the retail sector. “The deal is said to be the largest in the realty sector in recent times,” the group said.

The retail space hosts premium national and international brands along with a mix of hypermarket, departmental stores, sports bar and bowling alley. Spread across 20 acres, Elante Mall has an entertainment zone with a multiplex and a food court that caters to its customers.

“This project has got a good rental yield,” Carnival Group Director of Finance AC Dinesh said. This is Carnival Group’s third real estate acquisition after Leela Infopark (Kochi) and Leela Technopark (Thiruvananthapuram). — PTI