Shares of Phoenix Mills rallied 5% on 27 October after the company announced the launch of a new mall in the city of Bengaluru.

In its regulatory filing, the company said that the Phoenix Mall of Asia will be built on 12 lakh square feet of land, which will feature 440 brands and a 250,000-foot entertainment zone and is set to create 5,000 jobs in the city.

This will be second mall that will be developed by the company in Bengaluru and will be built in partnership with CPPIB. The mall will have a commercial office space area of 8 lakh square feet that will be constructed in a phased manner. The construction of the said mall will start this year.

Shishir Shrivastava, Managing Director at Phoenix Mills, said, “This development is strategically located amidst growing residential areas, IT Parks and office development sites in a rapidly developing area of the city and it has easy access from the airport and seamless connectivity to other city centres through means like the new metro.”

The mall will also be a destination for luxury brands, including Versace, Emporio Armani, Rolex, and many more.

The shares of the company have rallied more than 30% in a period of six months.

At 3:30 pm, the shares of Phoenix Mills closed 2.60% above at Rs 1,792.05 on NSE.