Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 49 percent interest in Island Star Mall Developers Private Limited (ISMDPL), a strategic investment platform established with The Phoenix Mills Ltd. (PML). The stake will be sold to PML and affiliates. Net proceeds to CPP Investments from the sale will be approximately [INR 54.5 billion (C$871 million/$632 million)] before closing adjustments.
ISMDPL was set up by CPP Investments and PML in 2017 to develop retail-led mixed-use projects across India. The platform initially included Phoenix MarketCity Bangalore, a shopping mall in Bengaluru, and later expanded to include three additional retail development assets.
“The Indian retail sector has experienced consistent growth, driven largely by favorable demographics and the expanding middle class,” said Hari Krishna V, managing director, head of real estate India, CPP Investments. “Through our long-standing partnership with Phoenix Mills, a
