PE-RE Fund Investments
CPPIB to invest Rs.1,360-Cr in Phoenix Mills projects
Mumbai-based, publicly listed The Phoenix Mills Ltd, its subsidiary Island Star Mall Developers Pvt Ltd (ISML) and the Canada Pension Plan Investment Board (CPPIB) have signed an agreement under which CPPIB will invest a further INR 800 crore in multiple tranches in ISML via a rights issue. Phoenix Mills will also invest a proportional amount to retain its 51% stake in ISML. Phoenix Mills and CPPIB had formed the 51:49 joint venture, ISML, in April 2017 to develop, own and operate retail-led mixed use developments across India. The funds will be used for the construction and development of ongoing projects in Wakadâ€Pune, Hebbalâ€Bengaluru and Indore. In a separate deal, Phoenix Mills and CPPIB have formed a new JV to develop a regional retail centre in Alipore, Kolkata. CPPIB will invest about INR 560 crore in the venture, Mindstone Mall Developers Pvt Ltd, in tranches, for an ultimate equity stake of 49%. Mindstone will develop a retail centre with a potential leasable area of approximately 1 million sq ft. The target completion date is for the second half of 2024.
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