In a bid to develop, own and operate retail-led mixed-use developments across India, Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) have reportedly formed a strategic investment platform, Island Star Mall Developers (ISMDPL).
CPPIB will initially own 30 per cent of the platform with an equity commitment of around Rs 724 crore. CPPIB is planning to invest around Rs 1,600 crore in multiple tranches, to own up to a 49 per cent stake in the platform.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.