This first mall being developed by Provogue and FTSE 100 property company Liberty International UK is expected to open its doors by December next.
This 980,000 sq ft property in Aurangabad will be its first joint venture after UK-based Liberty International, which controls realty valued above £7.5 billion, took a 25% stake in Provogue's retail infrastructure subsidiary — Prozone.
Liberty, which owns nine out of UK's top 25 shopping centres like London's Covent Garden, Victoria Centre in Nottingham and Manchester's Arndale, will be investing Rs 202.5 crore and provide expertise in developing world-class shopping centres in India, five of which are planned in the first phase.
While Liberty brings to the table its financial strength and international expertise in developing shopping centres, Prozone along with its financial contribution will provide its knowledge of the local Indian market and shoppers.
Prozone mall has already signed up leading retailers like Shoppers' Stop, HyperCity, Reliance Retail, Westside, Pantaloon, Lifestyle, Fame Adlabs and Cinemax as anchor clients along with a host of other national store brands and restaurant chains.
With a target of close to six million sq ft of retail space by end 2008, four other malls are planned in Mysore, Thane, Surat and Indore.
