The Phoenix Mills Acquires 49% Stake in Island Star for Rs 5,450 Crore

The Phoenix Mills Ltd is set to acquire a 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL) from CPP Investments for Rs 5,450 crore. This strategic move will increase The Phoenix Mills' ownership in ISMDPL to 100%. The acquisition is part of its growth strategy in developing retail-led mixed-use destinations.

The Phoenix Mills Ltd announced its decision to acquire an additional 49% stake in its joint venture with Island Star Mall Developers Pvt Ltd from CPP Investments, for a substantial Rs 5,450 crore. This acquisition will enhance The Phoenix Mills' stake in the joint venture to full ownership, from its previous majority hold of 51%.

The strategic acquisition aligns with The Phoenix Mills' growth strategy to consolidate and enhance its ownership in high-performing assets and supports its long-term vision of value creation. The transaction was confirmed through a regulatory filing on Thursday, detailing that CPP Investments will receive the payment in four tranches over the next three years.

With a portfolio covering approximately 4.5 million sq ft, ISMDPL will continue to develop retail-led mixed-use developments across major cities including Pune, Bengaluru, and Indore. This deal positions The Phoenix Mills to further capitalize on its diverse portfolio in retail, hospitality, and commercial sectors.