Photo: iStockphotoBengaluru: Pune-based developer Kolte-Patil Developers Ltd has sold a land parcel in the city’s Wakad suburb to Island Star Mall Developers Pvt. Ltd, an investment platform of Phoenix Mills Ltd and Canada Pension Plan Investment Board (CPPIB), for Rs160 crore, the companies said on Monday in separate BSE filings. Island Star Mall Developers currently owns Phoenix MarketCity in Bengaluru, a mall with gross leasable area of 1 million sq. “This acquisition helps deliver on our strategy of expanding our Indian retail portfolio with Phoenix Mills, an aligned, best-in-class partner. Phoenix Mills already has Phoenix MarketCity in east Pune, while the Wakad land will open another such retail address in the western part of the city.

Source: Mint August 14, 2017 18:36 UTC