Canada Pension Plan Investment Board and Phoenix Mills announce strategic investment platform

For retail real estate properties in India

Canada Pension Plan Investment Board and Phoenix Mills announced participation in a strategic investment platform, Island Star Mall Developers, to develop, own and operate retail-led mixed use developments across India.

CPPIB will initially own 30% of the platform with an equity investment of approximately Rs 724 crore. CPPIB plans to invest approximately Rs 1600 crore, in multiple tranches, to own up to a 49% stake in the platform. Pre-money enterprise value of ISMDPL is pegged at approximately Rs 2200 crore.

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