GIC, Singapore’s sovereign wealth fund, will acquire a significant minority stake in a $733-million joint venture investment platform being set up with Phoenix Mills Limited (PML’s) to develop retail-led mixed use assets in India, the two companies announced. These assets, in Mumbai and Pune, totalling about 3.4 million sq.ft. of leasable retail and office space, are amongst PML’s well-performing operational properties, they said.
“The strategic partnership with GIC has taken shape at an opportune time, revalidating the long-term attractiveness of India’s resilient consumption story. It also underscores the fact that the current impact on pre-eminent brick and mortar retail is only transient,” said Shishir Shrivastava, Managing Director, Phoenix Mills. “We believe that the joint venture will generate resilient long-term returns.
Through this platform with GIC, “we intend to jointly explore value-accretive acquisition opportunities,” said Atul Ruia, Chairman, Phoenix Mills. “Proceeds will act as growth capital to both PML and its subsidiaries to explore and further enhance our portfolio of annuity income assets,” Ruia added.