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

03 Jun 2021 CW Team

Singapore’s sovereign fund GIC and India-based retail mall developer Phoenix Mills Ltd (PML) told the media that they have partnered to establish a $733 million investment platform for retail-led mixed-use properties across the country.

A significant minority stake in PML's portfolio of developments will be acquired by GIC in Mumbai and Pune. The assets have a total of 3.4 million sq ft in leasable retail and office space.

Recently, PML formed a joint venture with Canada Pension Plan Investment Board (CPPIB) to establish a mall in Kolkata.

Chairman of Phoenix Mills Atul Ruia said that the company aims to jointly explore value-accretive acquisition opportunities through this platform with GIC. PML's proceeds from the transaction will act as growth capital to both PML and its subsidiaries.

CPPIB and PML have recently agreed to invest up to Rs 800 crore in their joint venture Island Star Mall Developers Private Limited (ISMDPL) in tranches, in the ratio of their shareholdings.

The joint venture was formed to develop, own, and operate retail-led, mixed-use developments over the country in 2017.

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Also read: Singapore’s GIC to buy 1.1 mn sq ft space from Phoenix Group in Hyd

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