Phoenix Mills in JV plans ₹800-cr mall in Kolkata

The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) have announced a joint venture to develop a mall at Alipore in Kolkata involving a joint investment of ₹800 crore (C$133 million) into ISMDPL in tranches as required in the ratio of their respective shareholdings. CPP Investments would pitch in ₹560 crore (C$93 million) in Mindstone Mall Developers in tranches, for an equity stake of 49 per cent. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of about 1 million sq. ft. with a completion period of the second half of 2024. PML and CPP Investments are also extending their commitments to their current joint venture, Island Star Mall Developers (ISMDPL). The joint venture was formed way back in 2017 to develop, own and operate retail-led, mixed-use developments across the country. Phoenix Marketcity in Whitefield Bangalore served as the seed asset for the alliance. In addition to owning and operating Phoenix Marketcity, ISMDPL owns – is currently developing – three retail mixed-use developments at Wakad Pune, Hebbal Bangalore and Indore. While Atul Ruia, Chairman at The Phoenix Mills, informed that they are pleased to grow a strategic relationship with CPP Investments to establish its footprint in Eastern India. With the newest investment, CPP Investments' equity commitment to multiple ventures with The Phoenix Mills amounts to over ₹2,620 crore.