Latest news with #ISMDPL
Economic Times
25-07-2025
- Business
- Economic Times
Phoenix Mills to buy CPP Investments' 49% stake in joint retail realty platform for Rs 5,450 cr
Phoenix Mills Ltd. The Phoenix Mills Ltd will buy a 49% stake in its joint venture firm Island Star Mall Developers Pvt Ltd (ISMDPL) from CPP Investments for Rs 5,450 crore as part of its growth strategy. At present, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51 per cent and 49 per cent stake in ISMDPL, respectively. Post completion of this deal, the company's stake in ISMDPL will rise to 100 per cent from the current 51 per cent. The company develops retail-led mixed-use destinations. According to a regulatory filing on Thursday, The Phoenix Mills, CPP Investments and ISMDPL have entered into an arrangement to provide an exit to CPP Investments from this JV. The company's board has approved this agreement. "CPP Investments shall receive an aggregate cash consideration of Rs 5,449.16 crore from the company and/or ISMDPL," the filing said. The amount will be paid to CPP Investments in four tranches over a period of three years. The Phoenix Mills might acquire 49 per cent equity stake of CPP Investments in the ISMDPL, or the JV firm could choose from options like dividend, share buyback and selective capital reduction. The total portfolio of ISMDPL is around 4.5 million sq ft. ISMDPL owns 'Phoenix MarketCity Bengaluru' while its three subsidiaries own mix-use development in Pune, Bengaluru and Indore. The JV firm posted a turnover of Rs 919.73 crore during the last fiscal. "The proposed transaction is aligned with the company's strategic vision to consolidate ownership in high-performing assets comprised in the ISMDPL platform, with a clear long-term growth trajectory and generate sustainable long-term value," The Phoenix Mills said. The company's developments are spread across retail, hospitality, commercial offices, and residential asset classes across major cities.
Time of India
25-07-2025
- Business
- Time of India
Phoenix Mills to buy CPP Investments' 49% stake in joint retail realty platform for Rs 5,450 cr
The Phoenix Mills Ltd is set to acquire a 49% stake in its joint venture, Island Star Mall Developers Pvt Ltd (ISMDPL), from CPP Investments for Rs 5,450 crore. This move will increase The Phoenix Mills' ownership in ISMDPL to 100%. The transaction, aimed at consolidating ownership in high-performing assets, will be completed over three years. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Phoenix Mills Ltd will buy a 49% stake in its joint venture firm Island Star Mall Developers Pvt Ltd (ISMDPL) from CPP Investments for Rs 5,450 crore as part of its growth present, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51 per cent and 49 per cent stake in ISMDPL, completion of this deal, the company's stake in ISMDPL will rise to 100 per cent from the current 51 per company develops retail-led mixed-use to a regulatory filing on Thursday, The Phoenix Mills, CPP Investments and ISMDPL have entered into an arrangement to provide an exit to CPP Investments from this company's board has approved this agreement."CPP Investments shall receive an aggregate cash consideration of Rs 5,449.16 crore from the company and/or ISMDPL," the filing amount will be paid to CPP Investments in four tranches over a period of three Phoenix Mills might acquire 49 per cent equity stake of CPP Investments in the ISMDPL, or the JV firm could choose from options like dividend, share buyback and selective capital total portfolio of ISMDPL is around 4.5 million sq ft. ISMDPL owns 'Phoenix MarketCity Bengaluru' while its three subsidiaries own mix-use development in Pune, Bengaluru and JV firm posted a turnover of Rs 919.73 crore during the last fiscal."The proposed transaction is aligned with the company's strategic vision to consolidate ownership in high-performing assets comprised in the ISMDPL platform, with a clear long-term growth trajectory and generate sustainable long-term value," The Phoenix Mills company's developments are spread across retail, hospitality, commercial offices, and residential asset classes across major cities.
Business Standard
25-07-2025
- Business
- Business Standard
Phoenix Mills jumps after posting steady Q1 earnings
Phoenix Mills jumped 6.25% to Rs 1538.80 after the company reported a steady performance for the quarter ended June 2025 (Q1 FY26). Consolidated revenue grew 5% YoY to Rs 953 crore, aided by a 4% rise in revenue from core businesses retail, offices, and hotels which stood at Rs 881 crore. The residential and other segments contributed Rs 72 crore, a healthy 21% jump from the year-ago period. Net profit after minority interest and associate share came in at Rs 241 crore, marking a 4% growth YoY. The company also managed to reduce its finance cost by 8% even as depreciation rose 21%. Consolidated EBITDA rose 6% YoY to Rs 564 crore, with core EBITDA climbing 2% to Rs 544 crore. Residential and other verticals added Rs 20 crore to the operating profit, a segment that had no contribution in the same quarter last year. The EBITDA margin remained strong at 59%, unchanged from Q1 FY25. Retail consumption rose by 12% year-on-year to Rs 3,588 crore. Gross retail collections reached Rs 853 crore, a 7% increase over the previous year. In commercial offices segment, gross leasing of approximately 4.07 lakh sq. ft. is achieved with income from commercial offices at Rs 52 crore, up 4%. In hospitality segment, revenue rose 11% YoY to Rs 130 crore. In residential segment, gross sales reached Rs 168 crore, more than three times the figure from the prior year; collections from the segment climbed to Rs 99 crore. Meanwhile, the company announced a plan acquire the remaining 49% stake in Island Star Mall Developers (ISMDPL) from CPP Investments for Rs 5,449 crore, to be paid in four tranches over 36 months. This acquisition will give Phoenix Mills 100% ownership of ISMDPL, which includes 4.4 million sq. ft. of operational retail space and 2.2 million sq. ft. of completed office area. The transaction is subject to shareholder and regulatory approvals, including those from the Competition Commission of India.
Malaysian Reserve
24-07-2025
- Business
- Malaysian Reserve
CPP Investments Sells Stake in Real Estate Joint Venture with Phoenix Mills
MUMBAI, India, July 24, 2025 /CNW/ – Canada Pension Plan Investment Board (CPP Investments) today announced that it has agreed to sell its 49% interest in Island Star Mall Developers Private Limited (ISMDPL), a strategic investment platform established with The Phoenix Mills Limited (PML). The stake will be sold to PML and affiliates. Net proceeds to CPP Investments from the sale will be approximately INR 54.5 billion (C$871 million) before closing adjustments. ISMDPL was set up by CPP Investments and PML in 2017 to develop retail-led mixed-use projects across India. The platform initially included Phoenix MarketCity Bangalore, a shopping mall in Bengaluru, and later expanded to include three additional retail development assets. 'The Indian retail sector has experienced consistent growth, driven largely by favorable demographics and the expanding middle class,' said Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments. 'Through our longstanding partnership with Phoenix Mills, a seasoned retail-led mixed-use operator in India, we have been able to capture opportunities within this market. This investment generated strong returns for the CPP Fund. With net assets totalling C$30 billion in India, we continue to explore investment opportunities in the country across industries.' Following the transaction, CPP Investments and PML continue to have other joint ventures in India, including a regional retail center in Kolkata and an office-led mixed-use asset in Mumbai. About CPP InvestmentsCanada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit or follow us on LinkedIn, Instagram or on X @CPPInvestments.
Time of India
24-07-2025
- Business
- Time of India
Phoenix Mills to acquire CPP Investments' 49% in Island Star JV for Rs 5,449 Crore
Retail-led mixed use realty developer The Phoenix Mills Ltd (PML) will acquire the 49% stake held by Canada Pension Plan Investment Board ( CPP Investments ) in their joint venture Island Star Mall Developers Pvt Ltd (ISMDPL), for over Rs 5,449 crore The total consideration payable to CPP Investments will be paid over a 36-month period in four tranches. With this transaction, Phoenix Mills' ownership in ISMDPL will increase from 51% to 100% making it a wholly owned subsidiary of the company. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Healthcare Cybersecurity CXO PGDM Degree Project Management Public Policy Product Management MBA healthcare Digital Marketing others Management MCA Operations Management Technology Leadership Others Data Science Artificial Intelligence Data Analytics Finance Data Science Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details The structure of the deal includes a mix of buyback, capital reduction, dividend payout by ISMDPL, and/or a secondary share purchase by Phoenix Mills or its affiliates. The amount may be adjusted in case of prepayment of any tranche. 'ISMDPL marked the beginning of our long-standing partnership with CPP Investments. What started with a single asset has grown into a portfolio across key urban centres. As we consolidate our stake, we remain focused on building on this foundation. We appreciate CPP Investments' role in shaping this platform and look forward to continuing our partnership through other ventures,' said Atul Ruia, Chairman of Phoenix Mills. ISMDPL, which was formed in partnership between Phoenix Mills and CPP Investments, owns and operates a portfolio of retail-led mixed-use assets in key Indian cities. The platform currently has 4.4 million sq ft of operational retail space, which generated over Rs 617 crore in operating profit in 2024–25, primarily from the four operational malls. 'This transaction allows us to consolidate full ownership of a portfolio of high-quality, retail-led mixed-use assets across key Indian cities,' said Shishir Shrivastava, MD, Phoenix Mills. 'ISMDPL has grown into a strong platform with scale, stability, and clear visibility for future growth. Over the next few years, this platform will include over 5.2 million sq. ft of retail, around 4 million sq. ft of office space, and 2 to 3 hotels with approximately 1,000 keys.' According to Shrivastava, the platform already owns the land and development rights required to deliver this plan. A completed office portfolio of 2.2 million sq ft in Pune and Bengaluru is expected to start contributing from 2025–26. Additional phases including second-phase retail and office development, as well as the Grand Hyatt hotel in Bengaluru, are expected to become operational between 2026 and 2027. These additions are expected to contribute to sustained operating profit and cash flows, while maintaining a healthy leverage profile. These ongoing joint ventures include Mindstone Mall Developers, which is developing the Phoenix Grand Victoria in Kolkata, and Plutocrat Commercial Real Estate, which is behind Project Rise, an office-led development in Mumbai's Lower Parel. Phoenix Mills said it intends to explore future opportunities with CPP Investments through these continuing partnerships. Apart from its completed and under development assets, ISMDPL also holds balance floor space index potential across its existing hubs in Bengaluru, Pune, and Indore, which can be developed in phases and present the opportunity to monetize through future partnerships. The transaction is expected to be earnings-accretive and capital-efficient from the first year itself. It is expected to be largely funded through internal accruals and incremental leverage at ISMDPL. This acquisition enables Phoenix Mills to consolidate the cash flows, preserve liquidity at the Group level and continue executing on its broader stated growth plans without any material impact on its balance sheet strength. The deal also allows for efficient cash utilisation and upstreaming to Phoenix Mills. Further, it also provides optionality to Phoenix Mills to explore future platform monetisation at underlying asset SPVs, at its discretion.
