CPPIB and Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

16 Dec 2021 CW Team

Both the organisations have infused the funds via a rights issue for deployment towards construction and development of the continuing projects of its subsidiaries at Hebbal in Bangalore, Wakad in Pune, and Madhya Pradesh’s Indore and other mutually agreed objectives. In April 2017, CPPIB and Phoenix had entered into definitive contracts to develop, own and operate retail-led mixed-use developments across India.

Under this deal, CPPIB had procured 49% holding in Island Star Mall Developers with 51% being owned by the Phoenix Mills.

The firm's retail mall Phoenix Marketcity in Whitefield locality of Bangalore operated as the seed asset for this partnership with CPPIB. The recent round is the second tranche of investments by both of them and there is no change in the shareholding of the firm following the recent round of funding, the firm told to media in a regulatory filing.

In June, Phoenix Mills and CPPIB had committed to invest Rs 800 crore worth of additional equity in their joint enterprise Island Star Mall Developers. Both the entities have now expanded their commitment by Rs 700 crore to Rs 1,500 crore. In June, CPPIB and Phoenix had invested Rs 400 crore in proportion to their shareholding and have now invested additional Rs 700 crore capital.

With this, they have achieved their aggregate equity commitment of Rs 1,100 crore out of the total offered Rs 1,500 crore. Last month, CPPIB and Phoenix Mills entered a new joint agreement to build a 1.2 million sq ft office led mixed use asset in Mumbai’s prime Lower Parel region. CPPIB will fund approximately Rs 1,350 crore in tranches for an ultimate equity stake of 49% in this joint enterprise. Before this, in May, CPPIB and the Phoenix Mills had agreed to extend their commitment to the existing partnership and to form a new joint venture to create a 1 million sq ft regional retail space in Kolkata’s Alipore locality.

Image Source

Also read: Godrej Properties partners with TDI group to develop housing project

Also read: Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India

https://www.constructionworld.in/latest-construction-news/real-estate-news/-motilal-nagar-involved-in-controversy-over-mhada-s-tender-document/31376

Global investment giant, the Canada Pension Plan Investment Board and retail mall developer The Phoenix Mills have pumped in Rs 700 crore as equity capital in Island Star Mall Developers, their joint subsidiary. Both the organisations have infused the funds via a rights issue for deployment towards construction and development of the continuing projects of its subsidiaries at Hebbal in Bangalore, Wakad in Pune, and Madhya Pradesh’s Indore and other mutually agreed objectives. In April 2017, CPPIB and Phoenix had entered into definitive contracts to develop, own and operate retail-led mixed-use developments across India. Under this deal, CPPIB had procured 49% holding in Island Star Mall Developers with 51% being owned by the Phoenix Mills. The firm's retail mall Phoenix Marketcity in Whitefield locality of Bangalore operated as the seed asset for this partnership with CPPIB. The recent round is the second tranche of investments by both of them and there is no change in the shareholding of the firm following the recent round of funding, the firm told to media in a regulatory filing. In June, Phoenix Mills and CPPIB had committed to invest Rs 800 crore worth of additional equity in their joint enterprise Island Star Mall Developers. Both the entities have now expanded their commitment by Rs 700 crore to Rs 1,500 crore. In June, CPPIB and Phoenix had invested Rs 400 crore in proportion to their shareholding and have now invested additional Rs 700 crore capital. With this, they have achieved their aggregate equity commitment of Rs 1,100 crore out of the total offered Rs 1,500 crore. Last month, CPPIB and Phoenix Mills entered a new joint agreement to build a 1.2 million sq ft office led mixed use asset in Mumbai’s prime Lower Parel region. CPPIB will fund approximately Rs 1,350 crore in tranches for an ultimate equity stake of 49% in this joint enterprise. Before this, in May, CPPIB and the Phoenix Mills had agreed to extend their commitment to the existing partnership and to form a new joint venture to create a 1 million sq ft regional retail space in Kolkata’s Alipore locality. Image Source Also read: Godrej Properties partners with TDI group to develop housing project Also read: Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India

Resources

18 Apr 2025

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Resources

18 Apr 2025

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Infrastructure Urban

18 Apr 2025

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..