Private Equity Liquidity Events
Phoenix Mills to acquire CPP Investments' 49% stake in JV ISMDPL for Rs.5,449-Cr
Source Investor Disclosure (opens in a new tab)BSE Announcement (opens in a new tab)Economic Times (opens in a new tab)
Mumbai-based, publicly-listed realtor The Phoenix Mills Ltd (PML) will acquire the 49% stake held by Canada Pension Plan Investment Board (CPP Investments) in their 51:49 joint venture Island Star Mall Developers Pvt Ltd (ISMDPL), for INR 5,449 crore, to be paid over a 36-month period in four tranches.ISMDPL is an operator of premium retail and retail-led mixed-use destinations. Along with its subsidiaries, ISMDPL owns and manages a Gross Leasable Area (GLA) of about 4.4 mn sq ft comprising Phoenix MarketCity Bangalore, Phoenix Citadel in Indore, Phoenix Mall of the Millennium in Pune and Phoenix Mall of Asia in Bengaluru.
In Apr 2017, Canada Pension Plan Investment Board had acquired 49% in realty developer Island Star Mall Developers Pvt. Ltd for USD 250 million in multiple tranches.