Phoenix Mills to co-develop office-led mixed-use asset at Phoenix Palladium, Mumbai

Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) today announced a new joint venture to develop an office-led mixed-use asset in Lower Parel, Mumbai. The asset forms part of a larger mixed-use development at Phoenix Palladium, Mumbai.

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.

Powered by Capital Market - Live News