Phoenix Mills-CPPIB investment platform buys land parcel in Pune

MUMBAI: Island Star Mall Developers (ISMDPL), a strategic investment platform co-owned by The Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) has acquired a land parcel in Pune’s Wakad locality for Rs 1.36 crore, the company said in a regulatory filing.

This land parcel is adjoining two plots the company had acquired last year. The company had acquired a land parcel here in August 2017 for Rs 161 crore and the next one for Rs 21.25 crore in October 2017 to develop a retail mall.

In April 2017, CPPIB and Phoenix Mills had formed a strategic investment platform to develop, own and operate retail-led mixed-use developments across India. Island Star Mall Developers Pvt. Ltd. (ISMDPL) was designated to serve as the platform.