CPP Investments to invest in Indian mall developer Phoenix Mills’ project

CPP Investments to invest in Indian mall developer Phoenix Mills’ project

Mumbai, India. Photo by Hardik Joshi on Unsplash.

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.

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