CPPIB further deepens it’s relationship with Phoenix. Commits more funds.

Phoenix Mills Ltd (PML) and Canada Pension Plan Investment Board (CPPIB) have entered into a new joint venture agreement to co-develop an office-led, mixed-use asset, which is part of Phoenix Palladium in Mumbai’s Lower Parel.

Key points to note –

  • CPPIB will invest Rs 1,350 crore in tranches for a 49% stake in the joint venture, PCREPL, which will develop 1 mn sq. ft of office space and 0.2 mn sq. ft of retail space. The project is expected to be completed by 2026.
  • CPPIB and PML have partnered on multiple other projects previously. First was 2017, Phoenix Marketcity in Whitefield, Bengaluru followed by projects at Wakad-Pune, Hebbal-Bengaluru, Indore and Alipore, Kolkata.
  • CPPIB’s total commitment with PML now stands at Rs 4,100 crore.

Besides CPPIB, in June, PML had announced $733 million investment platform with Singapore’s sovereign wealth fund GIC Pte Ltd for retail and office assets.

Continued faith by investors like CPPIB and GIC bodes very well for PML’s endeavours and does prima facie provides comfort towards it’s corporate and execution standards.

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