Realty firm Prestige Estates Projects said its hospitality arm has raised Rs. 30 bn from the Canada Pension Plan Investment Board (CPPIB) by diluting a 27 per cent stake. The investment gives CPPIB its first direct exposure to India’s hospitality sector and will support the platform’s expansion.

Prestige Estates, CPPIB and Prestige Hospitality Ventures (PHVL) executed a binding framework agreement for the transaction. The investment was announced in August, when the Canadian pension fund said it would invest up to Rs. 30 bn in PHVL. The transaction values the capital commitment at C$441 mn.

CPPIB acquired about a 27 per cent stake in PHVL through the investment, according to a regulatory filing by Prestige Estates. The majority of the capital will be used to support the continued expansion of the hospitality platform. Prestige Estates recently shelved plans to launch an initial public offering of PHVL, citing uncertain market conditions and other factors.

PHVL owns a portfolio of luxury and premium hotels in key Indian cities and is developing properties in Bengaluru, Chennai, Delhi, Goa, Hyderabad and Mumbai. Prestige Estates said the hospitality business forms an important part of its long-term growth strategy and that the partnership would combine CPPIB’s long-term investment approach with the group’s development capabilities and market knowledge.

CPPIB is a professional investment management organisation responsible for managing the Canada Pension Plan Fund for more than 22 mn contributors and beneficiaries. As of June 30, 2026, the fund stood at C$863.6 bn. Prestige Estates is one of India’s leading real estate companies.