The Phoenix Mills Ltd. and CPP Investments Collaborate to Develop Mixed-use Asset in Lower Parel, Mumbai

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The Phoenix Mills Ltd. and CPP Investments Collaborate to Develop Mixed-use Asset in Lower Parel, Mumbai
The Phoenix Mills Ltd. and CPP Investments Collaborate to Develop Mixed-use Asset in Lower Parel, Mumbai

MUMBAI, India, Nov. 15, 2021 / CNW / – The Phoenix Mills Limited (PML) and Canada Pension Plan Investment Board (CPP Investments) today announced a new joint venture to develop a mixed-use office building in Lower Parel, Mumbai. The asset is part of a larger mixed-use development at Phoenix Palladium, Mumbai. South Mumbai location (CNW Group / Canada Pension Plan Investment Board) CPP Investments will commit to own approximately 13.5 billion INR (231 million CAD1) in tranches for a total of 49% equity interest in the company known as PCREPL, which own the asset will. With the funds invested by CPP Investments and PML, PCREPL will acquire office space with a potential rental area of ​​approximately one million sq. ft. and flagship retail space with a potential rental area of ​​approx. the development is in 2026. The office-run, mixed-use property will complement the existing retail development in Phoenix Palladium, Mumbai and The St. Regis, Hotel in Mumbai. said: “I am excited to expand our existing relationship with CPP Investments and together we will seek to create an exemplary office-run development in Lower Parel. Phoenix Palladium is already India’s most iconic retail destination with more than 250 luxury and flagship stores and is.” Witness great synergies with one of India’s leading luxury hotels, the St. Regis Mumbai. The new planned office development will add to the appeal of this destination. Our future office space will be designed with the aim of serving a global clientele with inspiring architecture and design as well as open, naturally lit. Serving green spaces with a touch of sophistication and openness. This unique setting and culturally enriching spaces will be a perfect blend of formal and informal workspaces. We are confident that Lower Parel will be at its peak with the various infrastructure initiatives on-going sition as the central business district of choice and we are confident there will be strong office demand in the years to come Mall Developers Private Limited (ISMDPL) was founded in 2017 to develop, own and own retail-run, mixed-use developments across India operate. Phoenix Marketcity in Whitefield Bangalore served as seed capital for the alliance. In addition to owning and operating Phoenix Marketcity, ISMDPL currently owns and develops three retail-owned, mixed-use developments in Wakad Pune, Hebbal Bangalore and Indore, and a second joint venture between PML and CPP Investments was formed in May 2021 to create a regional retail hub in Alipore , Kolkata. Hari Krishna, Managing Director Real Estate – India, CPP Investments, said, “We are very excited to continue expanding our existing relationship with PML to provide world-class office space to meet the needs of global and domestic companies . As a longstanding investor in India, this investment solidifies our already strong and deep presence in the country’s rapidly growing real estate sector and will deliver stable, long-term returns for CPP donors and beneficiaries. “Commented on the development, Mr. Shishir Shrivastava, Managing Director of The Phoenix Mills Limited , said, “Phoenix Palladium is located in Lower Parel, Mumbai and enjoys a prime drainage area. This is a very sought after travel destination with a heavy drainage area of ​​residential areas and the convergence of public transport systems that provide easy access from all parts of the city. With a state-of-the-art, elegantly designed modern multi-purpose tower, the new development really becomes the jewel in the crown of Phoenix Palladium. PML has always placed sustainability in the foreground in all of our projects. With international architects at the helm, we have focused on sustainability initiatives that ensure energy and water efficient solutions flow into most aspects, with a greener and cleaner vision at the heart of the design. With CPP Investments we have a like-minded partner and we are looking forward to implementing this new development. “The cumulative equity exposure of CPP Investments in several joint ventures with PML now amounts to around 41 billion INR (709 million CAD). About The Phoenix Mills Limited (PML) PML (BSE: 503100 | NSE: PHOENIXLTD) is a leading developer and operator of shopping centers in India and the pioneer of retail-led, mixed-use developments in India, with an operational retail portfolio of approximately 7.0 million square feet Retail space spread across 9 operational malls in 6 gateway cities in India. The company is developing 5 malls with over 6.0 million square feet of retail space in 5 gateway cities in India. The company has an operational commercial office portfolio with gross lettable space of 1.5 Million square feet and plans to add around 5.0 milli To add one square foot of commercial offices to existing retail properties, the company also owns 2 hotels totaling 588 keys and 1 ongoing residential project in Bangalore. For more information, please visit www.thephoenixmills.com or follow us on LinkedIn. About CPP Investments Canada’s Pension Plan Investment Board (CPP Investments ™) is a professional investment management organization that manages the fund in the best interests of its more than 20 million contributors and Beneficiaries of the Canadian Pension Plan. In order to build diversified asset portfolios, investments are made in public stocks, private stocks, real estate, infrastructure and fixed income securities worldwide. CPP Investments is headquartered in Toronto and has offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney. CPP Investments is administered and administered independently of the Canada Pension Plan and independently of the governments. As of September 30, 2021, the fund was $ 541.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter ._____________ 1 C $ = INR 58.48 CPP Investments Logo (CNW Group / Canada Pension Plan Investment Board) SOURCE Canada Pension Plan Investment BoardCision original content for download View multimedia: http://www.newswire.ca/en/releases/archive/November2021/15/c7668.html

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