@Market R wrote:
Massive ODEL shopping mall in Sri Lanka, certain outlets to close, Battaramulla property up for sale
The Softlogic Group which recently acquired Sri Lanka’s popular fashion retail entity ODEL is to build a massive shopping complex on to replace its prime outlet at Alexendra Pace in Colombo 07 at an estimated cost of Rs. 3.5billion.
Chairman of Softlogic Group as well as ODEL Chief Executive Officer and Chairman Ashok Pathirage told AdaderanaBiz.lk that work on this massive shopping complex would begin in about six months’ time and that its architectural design has been prepared by German architects.
The construction work of this 400,000 square feet shopping complex is to be completed by around three and a half years, Pathirage said.
He further added that certain ODEL retail outlets in provincial cities would be closed down and the main outlets like in Kandy and Alexendra Place would be further improved and maintained in the future.
Accordingly, ODEL’s future main business outlet would be the developed unit at Alexendra Place, said Pathirage.
As a part of this plan, the ODEL retail outlet and the property opposite it at Battaramulla are to be sold, Pathirage revealed.
“We are prepared to sell the ODEL property at Battaramulla when we get an attractive offer,” Pathirage said.
Presently, apart from its main retail store at Alexendra Place, ODEL maintains outlets at Battaramulla, Panadura, Maharagama, Mount Lavinia, Moratuwa, Ja Ela, Nugegoda, Katunayake, Kollupitiya, Bambalapitiya, Kiribathgoda, Kandy and Wattala.
However, the LUV SL retail outlets would not be closed down but would be continued further, Pathirage assured.
Recently Softlogic Group acquired 93.2 per cent shares of Sri Lanka’s popular fashion retail group ODEL after buying 45.16 per cent shares from pioneer Otara Gunawardene and her family members for Rs. 2.7 billion and a further 130.7 million shares, or 48.04 per cent of ODEL shares through a Mandatory Offer.
The major stakeholder in ODEL, the Malaysia based Parkson Retail Asia Ltd sold all its shares to Softlogic Group for Rs. 2.8 billion under this Mandatory Offer