Singapore’s sovereign wealth fund GIC and Phoenix Mills Ltd have partnered to set up a $733-million (Rs 5,362 crore) investment platform for retail-led mixed-use assets in India.
GIC will acquire a significant minority stake in the portfolio of retail-led mixed use developments, located in the prime consumption centres of Mumbai and Pune.
A PML statement said these assets total around 3.4 million sq ft of leasable retail and office space.
In a separate regulatory filing, Phoenix Mills said GIC will initially acquire an equity stake of 26.4 per cent in its subsidiaries by investing an aggregate amount of around Rs 1,111 crore through a combination of primary infusion and secondary purchase of equity shares in these Phoenix Mills’ subsidiaries.
“The platform is valued at a pre-money enterprise value of Rs 5,500 crore. GIC’s stake may further increase to 33-36 per cent in the subsidiaries through an additional infusion of up to Rs 400 crore within a 12-month period from closing,” the company added.
