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

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

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

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

Next Story
Infrastructure Transport

Seaplane project in Kerala set for revival with demo operations

Kerala’s long-delayed seaplane project is likely to be revived, with demonstration operations scheduled next month under the Centre's regional connectivity scheme, UDAN. This initiative aims to enhance connectivity along India's coastal areas. A high-level reconnaissance was conducted on October 3 to assess potential sites, involving representatives from De Havilland Canada, Cochin Port Trust, and the Indian Navy. Three locations near Vembanad Lake were evaluated, with stakeholders narrowing down a water strip parallel to Marine Drive in Kochi as the preferred site. The assessment consider..

Next Story
Infrastructure Urban

Fadnavis lays foundation for Rs 1.5 billion infrastructure projects

Maharashtra Deputy Chief Minister Devendra Fadnavis laid the foundation stone for key infrastructure projects in the Hudkeshwar-Narsala region, marking the beginning of a sewage line, sewage treatment plant, and road development initiative worth Rs 1.5 billion. Speaking at the event, Fadnavis highlighted the region’s rapid urban expansion, noting the need for new infrastructure to meet rising demands. "In the last decade, the Nagpur metropolis and the adjacent Hudkeshwar-Narsala area have witnessed significant growth. Infrastructure such as roads and drinking water facilities had to be deve..

Next Story
Infrastructure Transport

Bengaluru Airport City unveils 2 million sq. ft. business park

Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), has announced the launch of a 2 million square foot business park, aimed at positioning Bengaluru as a global hub for Global Capability Centers (GCCs). According to a press release, the new business park will span 17.7 acres and feature four blocks, each offering 0.5 million square feet of space. Nestled within an urban forest, the park is designed to foster a vibrant business community with advanced infrastructure, premium amenities, and ample networking opportunities. Rao Munukutla, Execu..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000