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

https://www.constructionworld.in/latest-construction-news/real-estate-news/-motilal-nagar-involved-in-controversy-over-mhada-s-tender-document/31376

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

Infrastructure Urban

22 May 2025

ClickPost Launches Atlas to Benchmark E-commerce Logistics

ClickPost, a leading logistics intelligence platform, has launched Atlas, a subscription-based benchmarking tool designed to transform how e-commerce brands strategise logistics. Powered by ClickPost’s proprietary network, which processes over 50 million shipments each month, Atlas enables brands to benchmark key operational metrics in real time against industry peers and standards.Unlike traditional dashboards, Atlas delivers comparative insights—from fulfilment speeds, RTO rates and average order values to city-level delivery times and sales data—allowing brands to identify operational..

Real Estate

22 May 2025

Kalyani Launches Two New LivingTree Towers in Bengaluru

Bengaluru-based Kalyani Developers has announced the launch of Towers 3 and 4 at its flagship residential project, Kalyani LivingTree, located in KIADB Aerospace Park. The expansion adds 525 premium 3BHK apartments, ranging from 1300 to 1600 sq ft, and over 7.5 lakh sq ft of built-up area. Prices start from Rs 1.2 crore.These towers, the most exclusive in Phase 1, offer uninterrupted pool and landscape views, and access to over 60 lifestyle amenities, two clubhouses totalling 1 lakh sq ft, and more than 80 per cent open space.LivingTree spans 25 acres and will comprise ten towers of 23–24 fl..

Infrastructure Urban

22 May 2025

Blue Water Logistics IPO opens May 27

Hyderabad-based Blue Water Logistics is launching its Rs 40.5 crore IPO on May 27, 2025, which will remain open for subscription until May 29. The price band has been set at Rs 132 to Rs 135 per share, with a lot size of 1,000 shares. This is a book-built issue entirely comprising a fresh issue of 30 lakh equity shares. The IPO will be listed on the NSE Emerge platform.Smart Horizon Capital Advisors is the sole book-running lead manager, while Maashitla Securities will act as the registrar. The anchor book will open on May 26, 2025. The IPO allocates 8,35,000 shares to anchor investors, 1,56,0..