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CPPIB invests additional Rs 9.38 bn in Island Star Mall Developers

Through this second tranche of Rs 9.38 billion, CPPIB has increased its investment into ISMDPL to a total of Rs 16.62 billion

Press Trust of India  |  Mumbai 


Investment Board (CPPIB) has invested an additional Rs 9.38 billion into Developers (ISMDPL), the strategic investment platform it co-owns with The Mills.

Through this second tranche of Rs 9.38 billion, has increased its investment into to a total of Rs 16.62 billion, for a 49 per cent ownership stake, with Mills owning the balance 51 per cent stake, the company said in a statement issued here.

"The additional funding will allow to undertake new developments and acquisitions, creating new that will offer superior shopping and entertainment experiences," it said.

Commenting on the development, managing director, head of investments-Europe said, "The investment platform we have created with Mills is executing well, and we are pleased to fund the second tranche of the commitment that will allow us to further expand our "

He further said through this platform, has identified strategic assets over the last 12 months that will help it expand the retail portfolio in India, allowing it to participate in the growing in

Since the inception of the platform, has acquired a land parcel in Pune (Wakad), and is exploring other investment opportunities.

"In April last year, when Phoenix co-created the investment platform with CPPIB, we had envisaged to fully deploy the money within one year. I look forward to this new journey for us where we will continue to create marquee retail destinations," said Atul Ruia, joint managing director, Phoenix Mills.

First Published: Tue, April 10 2018. 22:47 IST