The Phoenix Mills (PML) and Canada Pension Plan Investment Board (CPPIB) have invested in a land parcel in Pune for Rs 161 crore (C$ 32 million) for developing a retail destination. Phoenix and Canada Pension have through Island Star Mall Developers, a strategic investment platform, announced the acquisition of a land parcel in Wakad, West Pune.
ISMDPL holds Phoenix MarketCity Bengaluru, which was PML’s contribution to the platform and CPPIB agreed to invest up to approximately Rs 1,600 crore in multiple tranches, to own up to a 49% stake in the platform. To date, CPPIB has invested Rs 720 crore in ISMDPL and owns 30% in the platform.
The acquired land in Pune has a development potential of approximately 1.6 million square feet, of which approximately 1 million square feet is planned as premium retail development.