CPPIB, Phoenix Mills invest Rs 700 cr in Island Star Mall Developers
Real Estate

CPPIB, Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

Canada Pension Plan Investment Board (CPPIB) and Phoenix Mills have invested Rs 700 crore in their joint subsidiary, Island Star Mall Developers.

The companies have invested the funds through a rights issue for deployment over construction and development (C&D) activities of the ongoing projects in Pune, Bangalore and Madhya Pradesh.

In 2017, both the companies signed an agreement to develop, own and operate retail-led multi-purpose developments in India. Under the agreement, CPPIB acquired 49% of the holding, and Phoenix Mills acquired 51% in Island Star Mall Developers.

Phoenix Marketcity, one of its retail malls in Bangalore, serves as a seed asset for this alliance with CPPIB. In the second tranche of investments, no changes are witnessed in the shareholding of the company, following the latest round of funding.

This year in June, the companies had committed to bring in additional equity of Rs 800 crore in their alliance. However, both the companies have increased their commitment to Rs 1,500 crore.

In June, they brought Rs 400 crore equity to their shareholding and infused Rs 700 crore capital. They have completed their commitment of Rs 1,100 crore, from Rs 1,500 crore.

In November, the companies entered into a joint venture for developing a 1.2 million sq ft office-led multi-purpose asset in Mumbai. CPPIB will invest Rs 1,350 crore, with an ultimate equity stake of 49%.

Earlier, they agreed to extend their commitment to the already existing alliance and form a new joint venture for developing a 1 million sq ft regional retail centre in Kolkata.

This year in August, the company raised Rs 1,100 crore via a Qualified Institutional Placement (QIP), increasing its cash to Rs 1,920 crore.

Image Source

Canada Pension Plan Investment Board (CPPIB) and Phoenix Mills have invested Rs 700 crore in their joint subsidiary, Island Star Mall Developers. The companies have invested the funds through a rights issue for deployment over construction and development (C&D) activities of the ongoing projects in Pune, Bangalore and Madhya Pradesh. In 2017, both the companies signed an agreement to develop, own and operate retail-led multi-purpose developments in India. Under the agreement, CPPIB acquired 49% of the holding, and Phoenix Mills acquired 51% in Island Star Mall Developers. Phoenix Marketcity, one of its retail malls in Bangalore, serves as a seed asset for this alliance with CPPIB. In the second tranche of investments, no changes are witnessed in the shareholding of the company, following the latest round of funding. This year in June, the companies had committed to bring in additional equity of Rs 800 crore in their alliance. However, both the companies have increased their commitment to Rs 1,500 crore. In June, they brought Rs 400 crore equity to their shareholding and infused Rs 700 crore capital. They have completed their commitment of Rs 1,100 crore, from Rs 1,500 crore. In November, the companies entered into a joint venture for developing a 1.2 million sq ft office-led multi-purpose asset in Mumbai. CPPIB will invest Rs 1,350 crore, with an ultimate equity stake of 49%. Earlier, they agreed to extend their commitment to the already existing alliance and form a new joint venture for developing a 1 million sq ft regional retail centre in Kolkata. This year in August, the company raised Rs 1,100 crore via a Qualified Institutional Placement (QIP), increasing its cash to Rs 1,920 crore. Image Source

Next Story
Resources

Tata Power turns 5,000 kg plastic waste into green livelihood for women

Tata Power’s Anokha Dhaaga Smart Circularity programme has converted over 5,000 kilograms of single-use plastic waste into recycled fabric products like T-shirts, tote bags, and haversacks, generating over Rs 20 lakh in fair-trade earnings for women entrepreneurs. The initiative is active across six centres and aligns with the World Environment Day 2025 theme — End Plastic Pollution. The project began with a collection drive across Tata Power’s Trombay plant, housing colonies, and offices. In collaboration with ReCircle and sanitation workers ('Safai Saathis'), the waste was processed i..

Next Story
Infrastructure Transport

Adani Airports secures US$ 750 million from global lenders for growth

Adani Airports Holdings (AAHL), a subsidiary of Adani Enterprises and India’s largest private airport operator, has raised US$ 750 million via External Commercial Borrowings from a consortium of international banks. The financing was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank. Of the total funds, US$ 400 million will be used to refinance existing debt, while the remainder will support growth capex across six airports—Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram—and expansion of AAHL’s non-aeronautical verticals including retai..

Next Story
Resources

CASE launches ‘Vijeta’ to skill youth in construction equipment sales

CASE Construction Equipment, a CNH brand, has launched ‘Vijeta’, a CSR initiative aimed at enhancing employability among underprivileged youth in the heavy equipment sector. The programme will equip participants with technical and practical skills required in construction equipment sales, particularly for backhoe loaders. It blends online and offline training, followed by a three-month hands-on industry stint at sales outlets, along with a monthly stipend. Puneet Vidyarthi, Head of Brand Marketing, CASE CE, APAC & India, said, “Vijeta bridges the skill gap in equipment sale..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?