Sri Lanka’s Odel PLC, a subsidiary of Ashok Pathirage-controlled Softlogic Holdings has entered into an agreement with the Urban Development Authority (UDA) to lease, operate and manage the Arcade Independence Square for 10 years period with effect from the first of April this year.
The company plans to operate and manage Arcade Independence Square premises as a luxury boutique experience destination, adding its cluster of operating and managing high-end shopping malls in the country.
However, the details of the agreement such as the lease amount weren’t revealed by the company.
ODEL said that it also has the option to renew the lease for a further 10-year period subject to the terms and conditions of the lease agreement.
Softlogic already has floor space in Arcade Independence Square for its retail outlets and restaurants.