CPPIB, Blackstone, other investors bet on malls for better yields

CPPIB's investment could be continuation of the trend the country had seen last year

Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB) on Tuesday said that it would invest an additional Rs 9.38 billion into the Island Star Malls Developers, the mall investment platform it co-owns with The Phoenix Mills.

Through this second tranche, CPPIB has increased its investment into the platform to a total of Rs 16.62 billion for a 49 per cent ownership stake, with Phoenix Mills owning the balance.

“The additional funding will allow the platform to undertake new developments and acquisitions, creating new retail-led mixed-use assets that will offer superior shopping and entertainment experiences,” CPPIB said while making the