PHOENIX MILLS, GIC TO SET UP INVESTMENT PLATFORM IN INDIA
Retail mall developer Phoenix Mills has joined hands with Singapore's sovereign wealth fund GIC to set up an investment platform with an initial portfolio of USD 733 million for retail-led mixed-use assets in India. GIC will acquire a significant minority stake in a USD 733 million portfolio of retail-led mixed-use developments, located in the prime
Retail mall developer Phoenix Mills has joined hands with Singapore's sovereign wealth fund GIC to set up an investment platform with an initial portfolio of USD 733 million for retail-led mixed-use assets in India.
GIC will acquire a significant minority stake in a USD 733 million portfolio of retail-led mixed-use developments, located in the prime consumption centres of Mumbai and Pune, the company added.
GIC has also agreed to acquire an equity stake of 26.4 per cent in the Phoenix Mills' subsidiaries by investing an aggregate amount of around Rs 1,111 crore by way of a combination of primary infusion and secondary purchase of equity shares in the subsidiaries.
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