Phoenix Mills-Canada Pension Plan JV to develop retail centre at Alipore

Phoenix Mills (PML) and Canada Pension Plan Investment Board (CPP Investments) today announced the execution of definitive documents for a new joint venture to develop a regional retail centre in Alipore, Kolkata.

CPP Investments will commit to investing approximately INR 5.6 billion (C$93 million) in Mindstone Mall Developers (Mindstone) in tranches, for an ultimate equity stake of 49%. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of approximately 1 million sq. ft. The target completion date is for the second half of 2024.

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