Billionaire investor Radhakishan Damani’s company Avenue Supermarts has purchased retail space in Bengaluru valued at over ₹88 crore, said two people with direct knowledge of the development.
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, according to real estate data and analytics platform Propstack.
“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.
ET’s query to DMart did not elicit any response until press time.
Despite the pandemic, Damani and his retail chain have been snapping up real estate assets in cities such as Hyderabad, Bengaluru, Pune and Mumbai in recent months.
Avenue Supermarts has bought around six properties, including land parcels and retail space, worth over ₹1,100 crore over the last few months.
These include an eight-acre land parcel in Thane from Mondelez India, formerly Cadbury India.
As of September 30, 2021, the company operated 246 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab, with a total retail business area of 9.44 million sq ft.