Title: Arcade Independence Square’s 10-yr lease: Another retail giant also engaged in bidding, Godahewa

Language: English

Type: Website

Nature: Website

Published: January 1, 2021

Region: South Asia

Country: Sri Lanka

Keywords: Innovative Revenues for Infrastructure

Document Link(s):

Document Summary:

Abans PLC submitted a bid and stood as a potential tenant for the recent lease of the Arcade shopping complex, adjacent to Independence Square, Colombo, which was later conclusively issued to Odel PLC under Softlogic Holdings.

Document Details:

In September 2014, Gunewardene sold the majority of her shareholdings in Odel PLC to the Softlogic Group for Rs. 2.7 billion, after which Softlogic increased its shareholding and as of 30 June 2016, Softlogic held a 96.67% stake in the company.  Softlogic Holdings PLC is a diversified conglomerate in Sri Lanka engaging in multiple industries such as ICT, Healthcare, Retail, Financial Services, Automobiles, and Leisure. According to 2019 financial reports, the conglomerate receives a net income of Rs 2.172 billion along with a revenue of Rs 13.123 billion.

Updated: August 8, 2023