Island Star Mall Developers Pvt Ltd (ISMDPL), a strategic investment platform owned by India’s leading mall developer Phoenix Mills Ltd (PML) and Canada Pension Plan Investment Board (CPPIB) on Monday announced that it has acquired a land parcel in Pune for a total consideration of Rs 161 crore. The site is the platform’s first acquisition, it said.

According to the company, the acquired land has a potential developable area of approximately 1.6 million square feet, which will allow for a planned premium retail development of approximately 1 million square feet.

Commenting on the development, Andrea Orlandi, Managing Director, Head of Real Estate Investments-Europe, CPPIB, said, “this acquisition helps deliver on our strategy of expanding our Indian retail portfolio with Phoenix Mills, an aligned, best-in-class partner. We look forward to expanding our platform with Phoenix Mills across other cities.”

It was in April 2017, PML and CPPIB created ISMDPL as an investment platform to develop, own and operate retail-led, mixed use developments across India.

here is company details.

 

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