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

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

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.

Image Source


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

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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code