ECONOMYNEXT – Sri Lankan retailer Odel Plc said it has bought up to 39,560 square feet of space in Colombo City Centre Mall, part of a mixed-use development project being built in the capital by Abans Group in a joint venture with Singapore’s Silver Needle Hospitality.
A stock exchange filing said Odel and its subsidiary Softlogic Brands has struck a deal with Colombo City Centre Partners (Pvt) Ltd., the joint venture putting up the 47-storey mixed-use project opposite Colombo’s Beira Lake.
Odel will acquire 19,237 square feet of retail pace for Odel Department Store and Odel Sports Store, while Softlogic Brands will acquire 20,323 square feet of retail space to accommodate its international brands.
The terms of the deal were not disclosed.
Abans has said the mall at the Colombo City Centre will be opened ahead of schedule for the December 2017 festive season.
(COLOMBO, June 12, 2017)