CPPIB invests in Indian shopping mall development platform
Canada Pension Plan Investment Board has partnered with the Phoenix Mills Ltd to develop, own and operate retail-led mixed-use developments across India. CPPIB will take an initial 30 percent interest in Island Star Mall Developers Pvt Ltd (ISMDPL), a Phoenix affiliate that will serve as the investment platform. CPPIB intends to invest about $330 million to increase that stake to 49 percent. ISMDPL currently owns Phoenix MarketCity Bangalore, an Indian shopping mall. The partnership will focus on acquiring and developing greenfield assets and existing retail assets to build additional malls.
6 April 2017•4 mins read
