Phoenix Mills, Singapore's GIC set up JV to invest in retail properties

GIC will acquire minority stake in PML's portfolio of retail‐led mixed‐use properties

Singapore’s sovereign fund GIC and Phoenix Mills (PML) on Wednesday said that they have formed a $733 million joint venture (JV) to set up and operate retail-led mixed-use properties (malls) in the country.
 
GIC will acquire a significant minority stake in PML’s portfolio of developments in Mumbai and Pune. The assets have a total of 3.4 million sq ft in leasable retail and office space.
 
PML recently formed a JV with Canada’s CPPIB to set up a mall in Kolkata.
 
Atul Ruia, chairman of Phoenix Mills, said: “Through this platform with GIC, we intend to jointly explore