Mall developer Phoenix Mills Ltd 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.
CPP Investments will invest ₹1,350 crore in tranches for a 49% stake in the joint venture, PCREPL, which will develop 1 million sq. ft of office space and retail space of 0.2 million sq. ft. The project is expected to be completed by 2026.