Softlogic Holdings subsidiary Odel PLC yesterday said it entered into an agreement with the Urban Development Authority (UDA) to lease, operate and manage Arcade Independence Square for a period of 10 years commencing from April 1, 2021 with an option to renew for a further 10-year period subject to terms and conditions of the lease agreement.

Odel said it intends to operate and manage Arcade Independence Square premises as a luxury boutique experience destination, adding its cluster of operating and managing high-end shopping malls in the country.
“The company marks this venture as yet another significant milestone in pursuing objectives of imprinting Sri Lanka as a high-end shopping destination in the region.

Softlogic Group has already leased out considerable floor areas in the country’s leading shopping malls such as One Galle Face and Colombo City Centre.