Retail space of Rs 88 crore purchased by Avenue Supermarts

According to the real estate data and analytics platform Propstack, Avenue Supermarts, which owns DMart stores, has purchased a total of 67,000 square feet in Hobli, Varthur, which covers three floors and includes 135 parking spaces.

A retail space in Bengaluru valued at over Rs 88 crore was purchased by billionaire investor Radhakishan Damani’s company Avenue Supermarts. The news was obtained by the two people with direct knowledge of the development.

According to the real estate data and analytics platform Propstack, Avenue Supermarts, which owns DMart stores, has purchased a total of 67,000 square feet in Hobli, Varthur, which covers three floors and includes 135 parking spaces.

“The deal was registered in October and the entire retail space is expected to be delivered over the next few months,” said another person aware of the deal in an interview with Economic Times. ET’s query to DMart did not elicit any response until press time.

Avenue Supermarts has bought around six properties, including land parcels and retail space, worth over ₹1,100 crores over the last few months. These include an eight-acre land parcel in Thane from Mondelez India, formerly Cadbury India.

In recent months, Damani and his retail chain have been snapping up real estate assets in cities such as Bengaluru, Hyderabad, Pune, and Mumbai. Despite the Covid-19 pandemic, the retail chain of Damani is flourishing.

With a cumulative retail business space of 9.44 million sq. ft. as of September 30, 2021, the company governed 246 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.