Pheonix Mills, CPPIB collaborate for a mall project in Kolkata

Publicly listed developer The Phoenix Mills and Canada Pension Plan Investment Board (CPPIB), have formed a joint venture to develop a new mall in Kolksys’d Alipore, reports Retail and Leisure International. CPPIB will hold 49 per cent stake with an investment of roughly Rs 560 crore ($77.4 million). The project is likely to be completed in 2024, and will have a leasable area of about a million square feet.

This project also takes CPPIB’s partnership with The Phoenix Mills to over Rs 2,620 crore. The Phoenix Mills and CPPIB are also partnering to invest Rs 800 crore in Island Star Mall Developers (ISMDPL) The duo had formed ISMDPL in 2017 to develop, own and operate retail-led, mixed-use developments across India. Phoenix Marketcity in Whitefield Bangalore served as the seed asset for the alliance.

ISMDPL is currently developing – three retail-led, mixed-use developments at Wakad, Pune, Hebbal, Bengaluru and Indore.