bangalore mumbaibased realty firm phoenix mills plans to buy back stake from pe funds in phoenix market city a mix used development project in bangalorecurrently phoenix mills holds around 46 stake in the project while three private equity funds horizon venture capital fund edelweiss real estate fund and ilfs investment managers ltd hold 26 7 and 21 stake in the project around 195 crore was infused as equity in the bangalore project by all the shareholders in 200607phoenix is looking to hold majority stake in the project and may consider acquiring stakes from one or more of the current shareholders thereby making it a subsidiary said a person having direct knowledge of the developmentatul ruia managing director of phoenix mills refused to commentthe company had recently bought back 18 stake from hbs realtor by buying the unsubscribed portion of a rights issue and through purchase of shares from a local builder in mumbai it had also increased shareholding in market city pune by 8 thereby increasing its stake to 585 these acquisitions are part of a longterm strategy of consolidating our stakes in our various projects at an attractive price thereby creating longterm value the source saidset up with an investment of rs 550 crore the second market city complex includes a mall an entertainment hub commercial complex and a 120room hotel phoenix has already leased out 80 of its total leasable space to tenants like zara bebe timberland promod aldo california pizza trade vics lavie and big bazaar it expects revenue of rs 100 crore in the first year of operation