Island Star Mall buys land parcel in Bengalurufor Rs 650 crore

Island Star Mall Developers Pvt. Ltd (ISMDPL), a strategic investment alliance by Phoenix Mills Ltd and Canada Pension Plan Investment Board (CPPIB) has acquired a land parcel in Hebbal, north Bengaluru for Rs. 650 crore. The land has been bought from L&T Construction Equipment Ltd.to develop its second Phoenix Marketcity shopping mall in the city.

The mall has got an approval to build around 1.81 million sq. ft. ISMDPL would develop at least 1 million sq ft as retail development, the company said in a release. This will be Phoenix Mills’ second MarketCity mall in Bengaluru. Earlier this month, CPPIB invested an additional Rs 938 crore into the Island Star Malls Developers. So far, CPPIB has invested Rs 1,662 crore in this entity through multiple tranches, to own 49% stake in the alliance formed in April 2017.