Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) have executed definitive documents for a new joint venture to develop a regional retail centre in Alipore, Kolkata.
CPP Investments is going to invest approximately Rs 5.6 billion (C$93 million) in Mindstone Mall Developers (Mindstone) in tranches, for an ultimate equity stake of 49%. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of approximately 1 million sq. ft. The target completion date is for the second half of 2024.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
