Tuesday, Apr 23 2024 | Time 18:42 Hrs(IST)
image
Business EconomyPosted at: Oct 26 2021 5:40PM


Nexus Malls completes transaction of newly acquired Forum Malls

Hyderabad, Oct 26 (UNI) Nexus Malls, the mall management arm of the Blackstone Group in India, on Tuesday said that it has completed the transaction of the newly acquired Forum Malls and aims to recover 100 per cent of the 2019 business by December end.
It had acquired Forum Malls as part of a $1.2 billion deal between Blackstone and the Prestige Group to take over the income-generating retail assets of the latter.
Nexus Malls have inducted seven Forum Malls into their portfolio earlier this year, taking the count of malls to 16, spread across 12 cities, stayed ahead of its curve by bringing Operational and Technology transformation and clocked over 95 percent business recovery in Indian modern retail until September end, its Senior Vice-President (Operations and Project) Mr Jayen Naik said at a press conference here.
With a combination of the best Brands including luxury, F&B & Cinema, the entire portfolio of malls under Nexus Malls recovered over 100 per cent of its business even after being dented by the first and second Covid wave, he said .
Mr Naik said the brand also maintained 95 per cent occupancy rate by extending its undivided support for its retails during the testing times.
Across the portfolio, Nexus Malls with their various initiatives-maintained consumer stickiness with the best offers, brands, and experiences., he added.
At Forum Sujana Mall, we now have over 15 exclusive brands, which are not available at any other mall in Hyderabad region. During the lockdown, we have also made our offerings even more relevant, by adding over 15 new stores at Forum Sujana Mall, said Nexus Malls Cluster Director Tanveer Shaikh .
Since the transition to Nexus Malls, there have been several beautifications and upgrades underway at Forum Sujana Mall.
Since the takeover, Nexus Malls have undertaken structural upgrades of the central atrium, where all the large installations and activations were hosted and will now have a more modern look, he said with the completion of the new façade, Forum Sujana Mall will also have a brand new exterior to boast about.
To add more exhilaration to the shopping experience, great offers and gift vouchers are introduced for this Diwali festive season under the Shop and Win campaign.
At Forum Sujana Mall, for every shopping of worth Rs. 10,000, customers stand a chance to choose their own gift, he added.
UNI KNR CS 1745
Please log in to get detailed story.
Tags: #Nexus Malls completes transaction of newly acquired Forum Malls
More News

23 Apr 2024 | 6:22 PM

New Delhi, Apr 23 (UNI) Telecom major Jio Infocomm, a wholly owned by Reliance Industries Limited, has increased its subscriber tally to 470.86 million at the end of December, 2023, up 8.76 per cent from its subscriber base of 432.92 million a year ago.

see more..

Kottayam-Kochi Rubber Market Rates

23 Apr 2024 | 6:11 PM

Kottayam, April 23 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

Rupee marginally up 3 paise against USD

23 Apr 2024 | 4:37 PM

Mumbai, April 23 (UNI) The Rupee on Tuesday gained three paise to close at 83.34 against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..

Sensex up 89 83 pts

23 Apr 2024 | 4:29 PM

Mumbai, April 23 (UNI) The BSE Sensex remained positive for the third straight session on Tuesday, rising 89.83 pts to close at 73,738 on the strength of Telecommunications, Realty and Technology stocks amid positiveAsian Market.

see more..

Construction cost in India likely to rise by 6 pc in 2024: JLL

23 Apr 2024 | 12:33 PM

Hyderabad, April 23 (UNI) The overall construction cost in the country is expected to increase by an average 6 per cent across various sectors in the Financial Year (FY) 2024, according to a latest construction cost guidebook release recently by JLL, a leading global commercial real estate and investment management company.

see more..
image