In order to increase its ownership in the country’s retail real estate sector, Canada Pension Plan Investment Board (CPPIB) and mall developer, The Phoenix Mills, have recently entered into a pact to set up a strategic investment platform for retail real estate properties in India. In its scheme of things, CPPIB will initially own 30% of the platform and eventually increase its stake with a total investment of Rs. 1,600 crore to own upto 49% in the platform. Island Star Mall Developers, a Phoenix Mills' subsidiary that owns Phoenix MarketCity Bangalore, will serve as the platform for this alliance and the proposed platform will develop, own, and operate retail-led mixed use developments across India. Commenting on the development, Managing Director, Head of Real Estate Investments Europe, CPPIB, Andrea Orlandi said that the player is delighted to partner with The Phoenix Mills Limited to launch its first retail real estate venture in India where it will focus on acquiring or developing high quality retail assets across India's top cities. The investment platform will scout for business opportunities in markets such as Mumbai, Pune, Bangalore, Kolkata, Hyderabad, Allahabad, National Capital Region, Indore, Lucknow, and Chennai, he insisted.
📅Published on:
10 April 2017
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