Setting up Odel Kandy Mall

CEYLON TODAY | Published: 2:00 AM Dec 1 2021

Odel PLC via a Colombo Stock Exchange filing stated that its fully owned subsidiary Softlogic Brands (Pvt) Ltd has entered into an Operating Lease Agreement (OLA) with the Kandy Municipal Council on 1 October 2021, granting its rights to lease, operate and manage the ‘Mahanuwara’ Commercial Centre premises consisting of approximately 164,000 square feet which will be known as the ‘ODEL KANDY MALL’ for a period of 15 years with the option to renew for a further period of five years subject to the terms and conditions of the OLA. 

Softlogic Brands (Pvt) Ltd intends to operate and manage the ODEL KANDY MALL as a distinguished and unique shopping mall in the City of Kandy. Early this March, the Company announced that it had entered into a Lease Agreement with the Urban Development Authority for the lease-hold operation and management of the Arcade Independence Square for a period of 10 years with a renewal option for a further 10 years and revealed its plans to convert the Arcade Independence Square as a ‘luxury boutique experience’ destination in the country. The ODEL KANDY MALL is yet another significant milestone in pursuing Odel’s objectives of designing the retail landscape in Sri Lanka as a high-end shopping destination in the region. (IG)

CEYLON TODAY | Published: 2:00 AM Dec 1 2021

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