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Bengaluru: Avenue Supermarts Ltd, which owns and operates retail chain DMart, has bought retail space in Bengaluru for 88.25 crore, according to documents accessed by real estate data and analytics firm Propstack.

The space, spread across 67,404 sq ft, includes the basement, ground, first and second floors and the terrace in a shopping complex, with 135 car parks, in central Bengaluru.

DMart has bought the property from C. Kodandarama Reddy and family. The sale deed was signed on 22 October.

“DMart has focused on enhancing its (real estate) footprint during the past 9 to 12 months due to the availability of better deals in the market," said Sandeep Reddy, co-founder, Propstack.

A DMart spokesperson is yet to respond to an email query.

Earlier this year, Avenue Supermarts acquired a commercial building for 71.5 crore in suburban Mumbai’s Goregaon West. The Mumbai-headquartered company acquired seven properties worth 400 crore during the covid-19 pandemic, documents accessed by Propstack showed in June.

According to analyst reports, DMart has been opening offline stores in 2021-22 to make up for the tepid store opening in the preceding year, due to the pandemic.

A softer real estate market accelerated deal activity though DMart works with a mindset of having adequate land for the next two-three years but not with a land bank mindset, Kotak Institutional Equities said in a recent report.

The retailer is looking to add large stores but is also open to adding smaller stores at the right locations.

In October, Avenue Supermarts had hit 3 trillion in market capitalization, becoming the seventeenth listed firm to achieve this milestone.

 

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