CPPIB Partners With Indian Mixed-Use Developer Phoenix Mills
Canada Pension Plan Investment Board and The Phoenix Mills Ltd. have reached a deal to develop, own and operate retail-led mixed-use developments across India. Island Star Mall Developers, a PML subsidiary that owns the 1M SF Phoenix MarketCity Bangalore, one of the nation’s top-performing malls, will serve as the investment platform. CPPIB, which sees continued investment opportunities in India, will initially own 30% of the expanding ISMDPL platform, committing $149M. Ultimately, CPPIB plans to invest $330M in multiple tranches and own up to a 49% stake in the platform, currently valued at $454M.