Phoenix Mills to acquire the remaining 49% stake in Island Star Mall Developers from CPP Investments for INR54.5bn.

Phoenix Mills, a mixed-use development company, agreed to acquire the remaining 49% stake in Island Star Mall Developers, an Indian real estate company, from CPP Investments, a global investment management organization, for INR54.5bn. “The Indian retail sector has experienced consistent growth, driven largely by favorable demographics and the expanding middle class. Through our longstanding partnership with Phoenix Mills, a seasoned retail-led mixed-use operator in India, we have been able to capture opportunities within this market. This investment generated strong returns for the CPP Fund. With net assets totalling CAD30bn in India, we continue to explore investment opportunities in the country across industries,” Hari Krishna V, CPP Investments Managing Director and Head of Real Estate India.