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Phoenix, GIC ink agreement to set up mall development unit

Mumbai:Phoenix Mills, whose properties helped transform Mumbai’s 19th century mill colonies into shopping districts rivallingTokyo’s GinzaorLondon’sOxford Street, has entered into an agreement with Singapore’s sovereign wealth fundGICto set up a mall development platform in India.

Initially, the fund will pick up around 26% equity in certain retail and office assets portfolio owned by Phoenix Mills and some of its subsidiaries.

The platform will own and develop strategic retail-led mixed-use properties. Both entities may mutually agree to further increase GIC’s stake to up to 35% within a 12 month period from the closing of the proposed transaction.

“Given the standard due-diligence process and timelines, we hope the transaction would get concluded within the current financial year,” Shishir Shrivastava, MD, Phoenix Mills, told ET.

The company already has a separate alliance with theCanadaPension Plan Investment Board (CPPIB) under Island Star Mall Developers to develop, own and operate retail-led mixed-use developments across India.
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