CPP Investments will commit to investing approximately INR 13.5 billion (C$231 million) in tranches, for an ultimate equity stake of 49% in Plutocrat Commercial Real Estate Private (PCREPL), the entity that will own the asset. With the funds invested by CPP Investments and PML, PCREPL will develop office space with a potential leasable area of approximately one million sq. ft. and flagship retail space with a potential leasable area of approximately 0.2 million sq. ft. The target completion date for the development is 2026.
The office-led mixed-use asset will complement the existing retail development at Phoenix Palladium, Mumbai and The St. Regis, Mumbai hotel.
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