Mumbai-based realty firm Phoenix Mills Limited (PML), in association with Canada Pension Plan Investment Board (CPPIB), has acquired a land parcel in Hebbal, Bengaluru, for a total consideration of ₹650 crore (Canadian $130 million). The acquisition was done through Island Star Mall Developers Pvt. Ltd. (ISMDPL), the strategic investment alliance of PML and CPPIB.
�The site, ISMDPL�s second acquisition, is located in Hebbal, Bengaluru, with direct access from the National Highway 7 that connects Bengaluru city to the international airport. The site has development potential of approximately 1.81 million square feet. In the initial phase, ISMDPL would develop at least 1 million square feet as premium retail development,� the company said in a statement.

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