Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India
  1. Home
  2. Real Estate
  3. 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

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.

Image Source

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

Discover the Cement Expo! Click the button below to explore all the event details.

Visit Cement Expo Website

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

Previous
Andhra Pradesh launches construction work for 15.6 lakh houses

Next
Mumbai notes 47% decline in residential property registrations in May

Related Stories

Gold Stories

Opinion Poll

Question : What are you most interested in Construction Technology?

Latest updates

ROADS & HIGHWAYS
28 Nov 2023

Roads in Trichy Damaged Again for Pipeline, Raises Concerns

ROADS & HIGHWAYS
28 Nov 2023

Uttarakhand Tunnel Collapse: Rescue Drilling Restarts

AVIATION & AIRPORTS
28 Nov 2023

IATA Urges Swift Govt Action for Aviation Decarbonisation

RAILWAYS & METRO RAIL
28 Nov 2023

BMRCL Commences Landwork for Metro Phase 3

POWER & RENEWABLE ENERGY
28 Nov 2023

Odisha Advances with 6.5 MW Rooftop Solar

ROADS & HIGHWAYS
28 Nov 2023

Uttarkashi Tunnel Drilling Nears Completion

ROADS & HIGHWAYS
28 Nov 2023

UP Achieves 5000 km Road Network

RAILWAYS & METRO RAIL
28 Nov 2023

Major Milestone Achieved in Mumbai-Ahmedabad Bullet Train Project

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram