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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.
