The Phoenix Mills Ltd. and CPP Investments Collaborate to Develop Regional Retail Center in Alipore, Kolkata
May 28, 2021 at 11:57 pm IST
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The Phoenix Mills Limited and Canada Pension Plan Investment Board announced the execution of definitive documents for a new joint venture to develop a regional retail centre in Alipore, Kolkata. CPP Investments will commit to investing approximately INR 5.6 billion (CAD 93 million) in Mindstone Mall Developers Private Ltd. in tranches, for an ultimate equity stake of 49%. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of approximately 1 million sq. ft. The target completion date is for the second half of 2024. PML and CPP Investments are also extending their commitments to their current joint venture, Island Star Mall Developers Private Limited ("ISMDPL"). Both parties have agreed to invest collectively up to INR 8 billion (CAD 133 million) into ISMDPL in tranches as required, in the ratio of their respective shareholdings. The joint venture was formed in 2017 to develop, own and operate retail-led, mixed-use developments across India. Phoenix Marketcity in Whitefield Bangalore served as the seed asset for the alliance. In addition to owning and operating Phoenix Marketcity, ISMDPL owns and is currently developing three retail-led, mixed-use developments at Wakad Pune, Hebbal Bangalore and Indore.
The Phoenix Mills Limited is an India-based real estate development company. The Company is engaged in the development and leasing of commercial and retail space. The Company operates through two segments: Property and related services and Hospitality. The Property and related services segment are engaged in providing mall /office areas on license basis and development of commercial / residential properties. The Hospitality segment is engaged in the operation of hotels and restaurants. Its retail projects include Phoenix Palladium, Mumbai; Phoenix Marketcity, Pune; Phoenix Mall of the Millennium, Pune and Palladium, Chennai. Its commercial projects include Art Guild House, Mumbai; The Centrium, Mumbai; Fountainhead Tower 1, Pune; Fountainhead Tower 2, Pune; Fountainhead Tower 3, Pune and Phoenix House, Mumbai. Its hospitality projects include The St. Regis, Mumbai and Courtyard by Marriott, Agra. Its residential projects include One Bangalore West and Kessaku, Bangalore.