Carnival Group completes acquisition of commercial real estate project of L&T Group in Chandigarh

Mammoth deal worth INR 1785 crores Deal said to be the largest in the realty sector in recent times

ShrikantBhasi promoted Carnival Group today announced the acquisition of the commercial real estate project which includes „Elante Mall‟, „Hyatt‟ luxury hotel and the office premises with central courtyard in Chandigarh from L&T Group at a deal value of INR 1785 crores. The acquisition of the said property is significant as it will enable Carnival Group to widen its portfolio and help the company achieve leadership position in the retail sector. Commenting on the acquisition, Mr.ShrikantBhasi, Chairman of Carnival Group said, “I would like to thank Group Executive Chairman of L&T Mr. A.M. Naik, for considering the sale of this prestigious asset to Carnival Group. 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.” L&T has created a landmark in the city of Chandigarh. Elante Mall has got over one dozen awards already including “The Most Admired Shopping Centre” & “Mall of the Year 2013-2014” awards, amongst others.

“This project has got a good rental yield,” said Mr. A.C. Dinesh, Director of Finance, Carnival Group. This property is one of the most elegant and magnificent properties in India which includes interesting features, Elante mall with its retail space of over 1.5million.sq. ft. across G+3 levels is the largest mall in Chandigarh. The retail space hosts premium national and international brands along with a mix of hypermarket, departmental 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. This is Carnival Group‟s third real estate acquisition after LeelaInfopark (Kochi) &LeelaTechnopark (Thiruvananthapuram). The Group has also bought out the „Big Cinemas‟ multiplex business of Anil Ambani‟s Reliance Group. The Group early this year, also acquired Glitz Cinemas, which was a part of Capital 18, a subsidiary of MukeshAmbani‟s Network 18 Media.