CPPIB to invest $250m in India
Canada Pension Plan Investment Board has plans to invest approximately $250 million in Island Star Mall Developers Pvt. Ltd, a unit of Phoenix Mills Ltd. Canada’s largest pension fund will initially own 30 percent in Island Star Mall. The pension fund's $250 investment will be made multiple tranches, to eventually own up to 49 percent. Island Star owns Phoenix MarketCity Bengaluru, a mall which opened in 2011, with gross leasable area of 1 million square feet. The mall is located Bengaluru’s Whitefield locality, a residential and commercial area. The funds will be used for acquiring and developing both greenfield assets on newly purchased land banks, as well as existing operating retail assets.