GIC, the Phoenix Mills establish a retail‐led mixed‐use investment platform in India with an initial portfolio of US$733 million

MUMBAI :  The Phoenix Mills on Wednesday said that it has forged a Joint Venture Partnership with Singapore’s sovereign wealth fund GIC to establish an investment platform for retail‐led mixed‐use assets in India. This platform will seek to develop, own, and operate retail‐led, mixed‐use developments in India.

GIC will acquire a significant minority stake in a US$733 million portfolio of retail‐led mixed‐use developments, located in the prime consumption centres of Mumbai and Pune. These assets, totaling about 3.4 million sq ft of leasable retail and office space, are currently amongst PML’s most prime and well‐performing operational assets.

“We are pleased to partner with PML in this Joint Venture to acquire a stake in these best‐in‐class retail assets in prime locations in India. With the management capabilities of a leading partner like PML, we believe that the Joint Venture will generate resilient long‐term returns. GIC has been investing in India for more than a decade and our long‐term confidence in the Indian real estate market remains strong”   Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said.

“We are pleased to expand our relationship with GIC, a marquee sovereign wealth fund revered globally. GIC is a like‐minded, long‐term partner who shares our vision for creating, owning and managing best‐in‐class retail and commercial assets. Their investment reaffirms the enormous growth opportunity for quality physical retail infrastructure in India and, in particular, PML’s ability to develop, operate and manage market leading mixed‐use assets. Through this platform with GIC, we intend to jointly explore value‐accretive acquisition opportunities. Proceedsfrom the transaction received by PML will act as growth capital to both PML and itssubsidiaries to explore and further enhance our portfolio of annuity income assets” Atul Ruia, Chairman of Phoenix Mills, said.