Phoenix Mills set to acquire in ISMDPL
Leading retail mall developer and operator Phoenix Mills has acquired a 49% stake held by Canada Pension Plan Investment Board (CPP Investments) in their joint venture Island Star Mall Developers Pvt Ltd (ISMDPL).
Stakes are purchased for Rs 5,449 crore in a deal, structured through buyback and other methods. The amount will be paid over 36 months. This stake purchase would allow Phoenix Mills to consolidate cash flows and explore future monetization opportunities, enhancing its retail-led mixed-use portfolio across key Indian cities.
Also Read: Phoenix Mills plans new hotel in Bengaluru and Mumbai