The Phoenix Mills forms JV for mixed-use project in India

The Phoenix Mills Limited (PML) and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture to develop an office-led mixed-use asset in Lower Parel, Mumbai, India. 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/$184 million) in tranches, for an ultimate equity stake of 49 percent in the entity, known as PCREPL, 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 1 million square feet and flagship retail space with a potential leasable area of approximately 200,000 square feet. 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.

Atul Ruia, chairman at The Phoeni