CPPIB pools funds for the Phoenix Mills

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The Canada Pension Plan Investment Board (CPPIB) has invested in Island Star Mall Developers, a strategic investment platform to develop, own and operate retail-led mixed-use developments across India.

CPPIB pools funds for the Phoenix MillsIsland Star Mall is a subsidiary of The Phoenix Mills and owns and operates the Phoenix MarketCity retail mall in Bengaluru.

CPPIB will initially own 30% of the platform and plans to make an aggregate investment of approximately US$247 million to own up to a 49% stake in the platform.

Khaitan & Co advised The Phoenix Mills and Island Star Mall on the deal. The firm said the transaction is “a first-of-its-kind for India’s retail real estate industry”. The core transaction team comprised partner Siddharth Shah, associate partner Mayank Singh, principal associate Kinshuk Jhunjhunwala, senior associate Kartikeya Prakash, and associate Anish Mohanty. They were assisted by partner Anshul Prakash on employment aspects, counsel Shailendra Bhandare on intellectual property, partners Sanjeev Kapoor and Sachin Mandlik and associate partner Peshwan Jehangir on litigation aspects, and associate partner Ritu Shaktawat on tax.

Cyril Amarchand Mangaldas and Canadian firm Torys advised CPPIB.