CPPIB injects Rs.938 cr in retail sector

In a bid to make the most out of the emerging scenario in the country’s retail segment, the Canada Pension Plan Investment Board (CPPIB) has recently invested an additional Rs.938 crore into the Island Star Malls Developers (ISMDPL) for building new capacities and facilitating new acquisition in the segment. The ISMDPL is in fact a strategic investment platform it co-owns with The Phoenix Mills Ltd (PML) and the additional funding will allow ISMDPL to create new retail-led mixed-use assets that will offer shopping and entertainment experiences, Managing Director, Head of Real Estate Investments- Europe, CPPIB, said adding that the investment platform it created with The Phoenix Mills is executing well, and the company is pleased to fund the second tranche of the commitment that will allow further expand its retail focused investment platform. Through this platform, it has identified strategic assets over the last 12 months that will help expand its retail portfolio in India, allowing CPPIB to participate in the growing retail sector in India. Since the inception of the platform, ISMDPL has acquired a land parcel in Pune (Wakad), and is exploring other investment opportunities in the country’s retail sector. Phoenix Market City currently houses over 600 brands across 2.1 million square feet of retail space.