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

16 Dec 2021 CW Team

Both the organisations have infused the funds via a rights issue for deployment towards construction and development of the continuing projects of its subsidiaries at Hebbal in Bangalore, Wakad in Pune, and Madhya Pradesh’s Indore and other mutually agreed objectives. In April 2017, CPPIB and Phoenix had entered into definitive contracts to develop, own and operate retail-led mixed-use developments across India.

Under this deal, CPPIB had procured 49% holding in Island Star Mall Developers with 51% being owned by the Phoenix Mills.

The firm's retail mall Phoenix Marketcity in Whitefield locality of Bangalore operated as the seed asset for this partnership with CPPIB. The recent round is the second tranche of investments by both of them and there is no change in the shareholding of the firm following the recent round of funding, the firm told to media in a regulatory filing.

In June, Phoenix Mills and CPPIB had committed to invest Rs 800 crore worth of additional equity in their joint enterprise Island Star Mall Developers. Both the entities have now expanded their commitment by Rs 700 crore to Rs 1,500 crore. In June, CPPIB and Phoenix had invested Rs 400 crore in proportion to their shareholding and have now invested additional Rs 700 crore capital.

With this, they have achieved their aggregate equity commitment of Rs 1,100 crore out of the total offered Rs 1,500 crore. Last month, CPPIB and Phoenix Mills entered a new joint agreement to build a 1.2 million sq ft office led mixed use asset in Mumbai’s prime Lower Parel region. CPPIB will fund approximately Rs 1,350 crore in tranches for an ultimate equity stake of 49% in this joint enterprise. Before this, in May, CPPIB and the Phoenix Mills had agreed to extend their commitment to the existing partnership and to form a new joint venture to create a 1 million sq ft regional retail space in Kolkata’s Alipore locality.

Image Source

Also read: Godrej Properties partners with TDI group to develop housing project

Also read: Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India

Global investment giant, the Canada Pension Plan Investment Board and retail mall developer The Phoenix Mills have pumped in Rs 700 crore as equity capital in Island Star Mall Developers, their joint subsidiary. Both the organisations have infused the funds via a rights issue for deployment towards construction and development of the continuing projects of its subsidiaries at Hebbal in Bangalore, Wakad in Pune, and Madhya Pradesh’s Indore and other mutually agreed objectives. In April 2017, CPPIB and Phoenix had entered into definitive contracts to develop, own and operate retail-led mixed-use developments across India. Under this deal, CPPIB had procured 49% holding in Island Star Mall Developers with 51% being owned by the Phoenix Mills. The firm's retail mall Phoenix Marketcity in Whitefield locality of Bangalore operated as the seed asset for this partnership with CPPIB. The recent round is the second tranche of investments by both of them and there is no change in the shareholding of the firm following the recent round of funding, the firm told to media in a regulatory filing. In June, Phoenix Mills and CPPIB had committed to invest Rs 800 crore worth of additional equity in their joint enterprise Island Star Mall Developers. Both the entities have now expanded their commitment by Rs 700 crore to Rs 1,500 crore. In June, CPPIB and Phoenix had invested Rs 400 crore in proportion to their shareholding and have now invested additional Rs 700 crore capital. With this, they have achieved their aggregate equity commitment of Rs 1,100 crore out of the total offered Rs 1,500 crore. Last month, CPPIB and Phoenix Mills entered a new joint agreement to build a 1.2 million sq ft office led mixed use asset in Mumbai’s prime Lower Parel region. CPPIB will fund approximately Rs 1,350 crore in tranches for an ultimate equity stake of 49% in this joint enterprise. Before this, in May, CPPIB and the Phoenix Mills had agreed to extend their commitment to the existing partnership and to form a new joint venture to create a 1 million sq ft regional retail space in Kolkata’s Alipore locality. Image Source Also read: Godrej Properties partners with TDI group to develop housing project Also read: Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..