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CPP Investments Sells Stake In Real Estate JV with Phoenix Mills

Canada Pension Plan Investment Board (CPP Investments) to sell its 49% interest in Island Star Mall Developers Pvt Ltd (ISMDPL), investment platform of The Phoenix Mills Ltd.

BY Realty+
Published - Friday, 25 Jul, 2025
CPP Investments Sells Stake In Real Estate JV with Phoenix Mills

strategic investment platform established with The Phoenix Mills Limited (PML). The stake will be sold to PML and affiliates. Net proceeds to CPP Investments from the sale will be approximately INR 54.5 billion (C$ 871 million) before closing adjustments.

ISMDPL was set up by CPP Investments and PML in 2017 to develop retail-led mixed-use projects across India. The platform initially included Phoenix MarketCity Bangalore, a shopping mall in Bengaluru, and later expanded to include three additional retail development assets.

"The Indian retail sector has experienced consistent growth, driven largely by favorable demographics and the expanding middle class," said Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments. "Through our longstanding partnership with Phoenix Mills, a seasoned retail-led mixed-use operator in India, we have been able to capture opportunities within this market. This investment generated strong returns for the CPP Fund. With net assets totalling C$ 30 billion in India, we continue to explore investment opportunities in the country across industries."

Following the transaction, CPP Investments and PML continue to have other joint ventures in India, including a regional retail center in Kolkata and an office-led mixed-use asset in Mumbai.

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