Indian retail development giant, Phoenix Mills Ltd (PML), has partnered with Singapore’s sovereign wealth fund, GIC, to establish a $733 million investment platform for retail‐led mixed‐use assets in India, Mint reports.
GIC will acquire a “significant minority stake” in a portfolio of projects located in Mumbai and Pune. These assets total around 3.4 million square feet of leasable retail and office space.
“The long‐term structural growth that the Indian retail industry continues to offer due to favourable demographics, urbanisation, growing middle class, and increasing consumerism trends will benefit the joint venture,” said Kishore Gotety, co‐head (Asia ex‐China) of real estate at GIC.
Last week, PML and CPP Investments (the management organisation that invests the Canada Pension Plan’s assets) also said they planned to enter into a new joint venture to develop a shopping mall in Kolkata’s upscale Alipore area.