Prozone Enterprises (P) a retail real estate development company, is targeting to build 50 Prozone shopping malls with an estimated investment of $1 billion over the next five years.
Prozone Enterprises is now developing more than 12 million sq. ft. of modern retail space in India, primarily in tier-II cities such as Raipur, Jaipur, Indore, Mysore and Aurangabad.
The company would invest roughly $1 billion, which would be financed jointly with its development partners. While the joint venture partner invests in the land, Prozone takes care of developing the mall, its design, architecture, leasing and property management.
Earlier, Prozone entered into a joint venture agreement with the Omaxe Group to develop malls. Each mall costs us around $40 million. The company was also in talks with other developers such as the Rustamji Group and Jaypee for other joint ventures.
The company also plans to roll out food and entertainment centres, branded `Zonz in its upcoming malls and other malls. The company would invest roughly around Rs 50 crore in its outlets, for which, it plans to enter into revenue sharing model with its tenants.
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| Posted : 6/30/2006 |
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