Phoenix Mills Ltd has announced that the company has, through investments in Palladium Constructions Pvt. Ltd and Platinum Hospitality Services Pvt. Ltd., acquired a prime land at Rajaji Nagar, Bangalore for Rs 171 crore.

Mumbai-based, Phoenix Mills, together with its subsidiaries, engages in the development, operation, ownership, lease, and sale of real estate properties in India.

The acquisition has been funded through equity contribution from Phoenix along with another larger Real Estate Investor.

Yatra Capital, the first Euronext quoted, Indian Real Estate Investment Company, said Phoenix Mills Ltd, which focuses on developing shopping and entertainment hubs across the country, is its joint venture partner in both the developments.

Through this investment, Yatra has acquired a 30% stake in both these companies while Phoenix will hold the balance 70% stake.

Yatra has invested Rs 109 crores in Palladium Constructions Pvt. Ltd and Rs 62 crores in Platinum Hospitality Services Pvt. Ltd.

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