MUMBAI: Carnival Group has acquired Larsen & Toubro’s commercial real estate project in Chandigarh at a deal value of Rs 1,785 crore, the former said in a release .The property includes Elante Mall , Hyatt luxury hotel and office premises with central courtyard.
”This acquisition is a part of asset creation for the group as an investment portfolio. This acquisition will help us to 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,” said Shrikant Vhasi,Chairman of Carnival Group.
Elante mall with its retail space of over 1.5 million sq ft across G+3 levels is the largest mall in Chandigarh.
”This project has got a good rental yield ,”said A.C. Dinesh , Director of Finance , Carnival group.
The retail space hosts premium national and international brands along with a mix of hypermarket ,departmentl stores, Sports Bar, Bowling Alley .Elante has a well planned entertainment Zone with multiplex and food court that caters to its customers.Spread across 20 acres .Carnival Group has been on an acquisition spree.