Mumbai (Maharashtra) [India], May 29 (ANI), retail mall developer Phoenix Mills Ltd (PML) and Canada Pension Plan Investment Board have announced the execution of final documents for a new joint venture that will develop a center regional retail trade in Alipore in Calcutta.
CPP Investments will commit to investing € 560 million in Mindstone Mall Developers Pvt Ltd in tranches to obtain a final 49% stake in shares.
With funds invested by CPP Investments and PML, Mindstone will develop a mall with a potential leasable area of 10 lakh square feet. The expected completion date is the second half of 2024.
PML President Atul Ruia said the investment shows the long-term prospects of the company’s business model of creating destination consumer hubs in key cities of India.
“With this asset, we are well on our way to more than double our operating portfolio for 2024. We remain focused on expanding our portfolio by investing in attractive markets and ensuring the timely execution of projects,” it said in a statement. .
Alipore is a prime neighborhood and the location is strategically located, surrounded by a dense uptake of residential and office space.
Hari Krishna, general manager of real estate investment at CPP Investments in India, stated with this investment that the company’s equity commitment to multiple companies with PML amounts to 2.62 billion euros.
“India is one of the most important markets for us in Asia and the Pacific and is a key part of our long-term strategy. Working with reputable development partners like PML allows us to expand our portfolio and improve our capacity. to deliver long-term risk-adjusted solids returns to CPP taxpayers and beneficiaries. ”PML and CPP Investments also extend their commitments to their current joint venture: Island Star Mall Developers Pvt Ltd. Both have agreed to collectively invest up to 800 million euros in tranches in relation to their respective holdings. .
The joint venture was formed in 2017 to develop, own and operate retail-oriented mixed-use developments across India.