The Canada Pension Plan Investment Board (CPPIB) has invested an additional ₹938 crore into the Island Star Malls Developers Pvt Ltd (ISMDPL), the strategic investment platform it co-owns with The Phoenix Mills Ltd (PML).

Through this second tranche, CPPIB has increased its investment into ISMDPL to a total of ₹1,662 crore, for a 49 per cent ownership stake, with PML owning the balance 51 per cent stake.

The additional funding will allow ISMDPL to undertake new developments and acquisitions, creating new retail-led mixed-use assets that will offer shopping and entertainment experiences.

“The investment platform we've created with The Phoenix Mills Ltd. is executing well, and we are pleased to fund the second tranche of the commitment that will allow us to further expand our retail focussed investment platform," said Andrea Orlandi, Managing Director, Head of Real Estate Investments- Europe, CPPIB, said in a statement.

“Through this platform, we have identified strategic assets over the last 12 months that will help us expand our retail portfolio in India, allowing CPPIB to participate in the growing retail sector in India,” he added.

Since the inception of the platform, ISMDPL has acquired a land parcel in Pune (Wakad), and is exploring other investment opportunities.

“In April 2017, when The Phoenix Mills Ltd co-created the Investment platform with CPPIB, we had envisaged to fully deploy the moneywithin one year. Over the past 12 months, the investment platform has received support from PML and CPPIB to identify opportunities for deployment of these funds in key cities," said Atul Ruia, Joint Managing Director, The Phoenix Mills.

Phoenix Market City houses over 600 brands across 2.1 million square feet of retail space.

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