India: Phoenix Mills, GIC set up $733m retail and office venture

India: Phoenix Mills, GIC set up $733m retail and office venture

Photo: Pixabay

Mall developer Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC Pte Ltd have entered into a partnership to establish a $733 million investment platform for retail‐led mixed‐use assets in India. GIC will acquire a significant minority stake in the portfolio of projects that will be located Mumbai and Pune.