The Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) have formed a joint venture to develop a mall in the Alipore area, a neighborhood in South Kolkata in the Indian state of West Bengal.
The Canadian pension fund will make a $77.4 million investment in Mindstone Mall Developers Private in tranches, for an ultimate equity stake of 49 percent. With the funds invested by CPP Investments and PML, Mindstone will develop a retail center with a potential leasable area of approximately 1 million square feet. The target completion date is for second half 2024.
“With this asset, we are well on track to more than double our operational retail portfolio by 2024,” said Atul Ruia, chairman at The Phoenix Mills. “We remain focused on expanding our portfolio by investing in attractive markets and ensuring timely execution of the projects.”
Shishir Shrivastava, managing director at The Phoenix Mills, added, “Alipore, Kolkata, is a premium neighborhood, a
