Softlogic completes MCC premises deal for Odel Kandy Mall

• The 164,999 sq.ft. premises to be taken on 15-year lease, which could be extended for another 5 years
• Earlier this year, Odel took on the management of Arcade Independence Square inking a 10-year lease agreement

In a move to expand its retail drive, Softlogic Brands Pvt. Ltd has added another mall to its portfolio by taking on board the Mahanuwara Commercial Centre (MCC) premises, and the formalities relating to the transaction has reached completion.

The fully owned subsidiary of Odel PLC via a filing to the Colombo Stock Exchange (CSE) said yesterday it has finalised the Operating Lease Agreement with the Kandy Municipal Council to operate and manage the mall. The lease was inked on 1 October 2021.

The premises that is of approximately 164,999 square feet will be under Softlogic Brands for a period of 15 years, with the option of a further renewal of five years, according to the terms and conditions of the Operating Lease Agreement.

The premises will operate under the banner ‘Odel Kandy Mall’, and will be positioned as a ‘distinguished and unique’ shopping mall in the city of Kandy, said Odel PLC in the CSE filing yesterday.

Plans are afoot to re-develop the seven-storey mall to a ‘vibrant’ destination for entertainment and shopping with a bigger range of international brands.

Softlogic Group Chairman Ashok Pathirage in the 2020/2021 annual report of Odel PLC stated that the company will “strive to unlock latent value” while serving the rapidly changing consumer demands in the metropolitan town. 

In addition to exclusive branded outlets and Odel department store, the Odel Kandy Mall will feature a diverse food court and cinema halls. 

The aim is to make Kandy the key shopping destination of the Central Province, Pathirage shared in his message in the company’s latest annual report. The CSE filing yesterday acknowledged that the opening of the upcoming Odel Kandy Mall will be a fresh addition to Odel PLC’s cluster of operating and managing high-end shopping malls in the country. 

“The company marks this venture as yet another significant milestone in pursuing its objectives of designing the retail landscape in Sri Lanka as a high-end shopping destination in the region,” said Odel PLC.

Earlier this year, Odel PLC took on the management of Arcade Independence Square by inking a 10-year lease agreement (with a renewal option of another 10 years) with the Urban Development Authority (UDA). The Arcade was added to its portfolio with plans to upgrade it as a luxury boutique experience destination in Sri Lanka.

Via Odel PLC, the Softlogic group aspires to position Sri Lanka as a regional shopping hub.