CPPIB-backed Indian retail platform makes first acquisition
Island Star Mall Developers Pvt Ltd, a retail development investment platform of Canada Pension Plan Investment Board (CPPIB) and the Phoenix Mills Ltd (PML), has acquired a land parcel in Pune, India for about $32 million. The acquisition, Island Star's first, will be used to develop a second PML shopping mall location in the city. In April, CPPIB bought an initial 30 percent stake in Island Star and agreed to invest $330 million to grow the stake to 49 percent. The combined investment will support acquiring, developing and operating retail-led, mixed-use developments across India.
14 August 2017•4 mins read
