The Board of Odel PLC in a stock exchange filing announced that Company’s’ fully owned subsidiary Softlogic Brands (Pvt) Ltd has entered into an Operating Lease Agreement with the Kandy Municipal Council on October 1, 2021 via which Softlogic Brands (Pvt) Ltd has been granted the rights to lease, operate and manage the Mahanuwara Commercial Center 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 5 years subject to the terms and conditions of the Operating Lease Agreement.
The Company’s’ fully owned subsidiary 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 year in March 2021, 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 of its plans in converting the Arcade Independence Square as a luxury boutique experience destination in the country. The ODEL Kandy Mall is another addition to the Company’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.
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