With the latest investment, CPPIB has increased its investment in Island Star to a total of Rs1,662 crore, constituting a 49% stake. Mumbai: Canada Pension Plan Investment Board (CPPIB) Tuesday said it has invested an additional Rs938 crore in Island Star Mall Developers Pvt. Ltd, a platform it co-owns with The Phoenix Mills Ltd.With this, CPPIB has increased its investment in Island Star to a total of Rs1,662 crore, constituting a 49% stake. Last April, the pension fund had announced that it will invest a total of approximately Rs1,600 crore (approximately $250 million) in multiple tranches, to eventually own up to 49% in Island Star. The additional funding will allow Island Star to undertake new developments and acquisitions, creating new retail-led mixed-use assets.

Source: Mint April 10, 2018 16:07 UTC