AEZ plans shopping malls in UK, Dubai

AEZ plans shopping malls in UK, Dubai
PTI
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First Published: Tue, Oct 02 2007. 01 00 PM IST
Updated: Tue, Oct 02 2007. 01 00 PM IST
New Delhi: Real estate developer AEZ Infratech is planning to foray into the Middle East and the UK markets by setting up its concept shopping mall Celebration City 10 of which will be constructed across India in the next 3-4 years.
The company had recently announced its plans to set up a Celebration City mall in Ghaziabad near here, entailing an investment of Rs500 crore. Celebration City provides complete solutions for various community events like a wedding from shopping to planning and banquet space for the occasion to its customers.
“There is a big Asian population base in Middle East and the UK where it is quite expensive to host such social get together. We want to take Celebration City to Dubai and Burmingham to provide complete cost-effective solutions for social get together to Asians living there,” AEZ Group Chief Operating Officer (Marketing and Sales) Sanjay Kackar said.
He said the Celebration City would come up at 10 different locations in India including Delhi, Noida, Gurgaon, Faridabad, Mumbai, Ahmedabad, Hyderabad and Pune.
The company has not earmarked any investment plans yet for the nine shopping malls, Kackar informed, saying it would vary according to the size of each mall.
The company expects returns to the tune of nearly Rs 100 crore from each celebration city mall every year.
The Group also is looking at tapping the capital markets to partly fund its future expansion projects including IT parks and IT SEZ.
“We are also thinking to hit the capital market in next 12 months to fund our future projects and capital expenditure purposes,“ Kackar added.
He, however, did not divulge any further details about the company’s proposed IPO.
Besides, AEZ is also developing two IT parks. “We are developing an IT SEZ in 50 acres of land in the NCR,” Kackar added.
The other IT park would be developed in a 15 acres of land in the NCR.
AEZ has 10 million sq ft of land bank under development, of which three million is for commercial purpose.
“We have 100 acres of land bank in the NCR,” Kackar said.
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First Published: Tue, Oct 02 2007. 01 00 PM IST
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