GIC, a sovereign wealth fund established by the Government of Singapore, agreed to invest $207m in The Phoenix Mills, India's largest retail led mixed-use developer. "We are pleased to partner with PML in this Joint Venture to acquire a stake in these best-in-class retail assets in prime locations in India. With the management capabilities of a leading partner like PML, we believe that the Joint Venture will generate resilient long-term returns. GIC has been investing in India for more than a decade and our long-term confidence in the Indian real estate market remains strong," Lee Kok Sun, GIC CIO of Real Estate.