Phoenix Mills surges 7% as realtor partners with CPPIB
NEW DELHI: Shares of Phoenix Mills climbed nearly 7 per cent in Thursday’s trade after the company announced a participation in a strategic investment platform, Island Star Mall Developers (ISMDPL), with Canada Pension Plan Investment Board (CPPIB) to develop, own and operate retail-led mixed-use developments across India.
The stock rose 6.73 per cent to hit a high of Rs 438.10 on BSE.
In a filing to BSE, the company said the Canadian pension fund will have 30 per cent stake in Island Star Mall Developers with an equity commitment of approximately Rs724 crore.
ISMDPL owns Phoenix MarketCity Bangalore which has gross leasable area of approximately one million square feet. The Canadian pension may eventually end up owning 49 per cent stake in the company for an approximately Rs 1,600 crore.
According to the company, the pre-money enterprise valie of ISMDPLis pegged at Rs 2,200 crore. The funds will be used to acquire and develop Greenfield assets on newly purchased land banks and existing operating retail assets.
The stock rose 6.73 per cent to hit a high of Rs 438.10 on BSE.
In a filing to BSE, the company said the Canadian pension fund will have 30 per cent stake in Island Star Mall Developers with an equity commitment of approximately Rs724 crore.
ISMDPL owns Phoenix MarketCity Bangalore which has gross leasable area of approximately one million square feet. The Canadian pension may eventually end up owning 49 per cent stake in the company for an approximately Rs 1,600 crore.
According to the company, the pre-money enterprise valie of ISMDPLis pegged at Rs 2,200 crore. The funds will be used to acquire and develop Greenfield assets on newly purchased land banks and existing operating retail assets.
