New Delhi, July 24 -- Canada Pension Plan Investment Board (CPPIB) will exit its joint venture with The Phoenix Mills Ltd for Rs 5,449 crore (about $631 million), the Indian real estate developer said Thursday.
The development comes eight years after CPPIB, the North American nation's biggest pension fund, picked up a 49% stake in the JV with the Mumbai-listed shopping mall and office space developer.
CPPIB initially teamed up with The Phoenix Mills in 2017 to form a platform to develop, own and operate retail-led mixed use developments in India. The pension fund initially picked up a 30% stake in the JV platform, Island Star Mall Developers Pvt Ltd, for Rs 724 crore. It invested another Rs 938 crore in 2018 to increase its stake to 49%.
Published by HT Digital Content Services with permission from VC Circle.