CPPIB, Phoenix Mills to Develop Retail Center in India
The Canada Pension Plan Investment Board (CPPIB) is developing a shopping center in the affluent Alipore, Kolkata, neighborhood in India, as part of a new joint venture with mall operator Phoenix Mills.
India is an important destination for CPPIB, the pension fund said last week. The joint venture will fund the mall with about $77 million (C$93 million), which will be invested in tranches into Mindstone Mall Developers Private.
After construction is completed in the latter part of 2024, CPPIB will take a 49% equity stake in the retail center. The mall in Kolkata, a business hub with several large technology and banking firms, will be designed by international architects.
“India is one of the most important markets for us in Asia Pacific and a critical part of our long-term strategy,” Hari Krishna, managing director of real estate in India at CPPIB, said in a statement.
The pension fund has boots on the ground in the country. In 2015, the $411.7 billion (C$497.2 billion) allocator opens its sixth international office in Mumbai, attracted to the country’s demographics. CPPIB also has offices in Hong Kong, London, Luxembourg, New York, and São Paulo.
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