Phoenix Mills, the country’s largest mall operator, is looking to raise around Rs 1,500 crore for its upcoming mixed-use development project in Thane near Mumbai and is in discussions with investors including Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board (CPP Investments), and other potential backers, sources aware of the matter said.
“The talks are ongoing and are expected to be finalised soon,” said a source. Given Phoenix Mills’ existing partnerships with GIC and CPP Investments, the two funds are seen as preferred partners, though the developer is also engaging with other investors, sources added.
Thane to get 3.3 mn sq ft mixed-use development; investors eyed for Chandigarh
The Thane project spans approximately 3.3 million square feet (sq ft) and is expected to include a retail mall, residential components, and other mixed-use elements. The company is also likely to explore bringing in investors for its Chandigarh project once plans for that development are finalised.
A spokesperson for Phoenix Mills declined to comment. Emails sent to GIC and CPP Investments did not elicit a response.
Last year, CPP Investments sold its 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL)—a joint venture (JV) with Phoenix Mills—to the developer and its affiliates for Rs 5,450 crore.
ISMDPL was established in 2017 to develop retail-led mixed-use projects across India. The platform initially included Phoenix MarketCity Bengaluru and later expanded to add three more retail development assets. Phoenix continues to partner with CPP Investments on its Kolkata project and a commercial tower in Lower Parel, Mumbai.
In 2021, Phoenix Mills and GIC formed a JV to develop retail-led projects with an initial portfolio valued at Rs 5,362 crore.
Phoenix and its subsidiaries currently operate over 11 million sq ft of retail space across eight major cities. The company is developing nearly 7 million sq ft of additional retail space, including five new malls and expansions of existing destinations.
Its mixed-use portfolio also includes Grade A office assets with a completed gross leasable area (GLA) of about 4.8 million sq ft across Mumbai, Pune, Bengaluru, and Chennai. The company recently received a completion certificate for approximately 0.6 million sq ft of office space in Chennai. A further 2 million sq ft of office development is currently under planning at existing mixed-use destinations.
In hospitality, Phoenix owns two premium hotels totaling 588 keys, including The St. Regis, Mumbai. It is currently constructing the Grand Hyatt Bengaluru (around 400 keys) and plans to commence development of approximately 700 keys across two new hotels. Additionally, two more hotels with nearly 500 keys are under planning at existing mixed-use destinations, according to the company’s website.
CPP, GIC ramp up India realty bets
Both CPP Investments and GIC have been active investors in Indian real estate.
IndoSpace Core, a JV between CPP Investments and IndoSpace, last year acquired six industrial and logistics parks valued at around Rs 3,000 crore. CPP Investments, which holds a 93% stake in IndoSpace Core, committed Rs 1,400 crore to fund the acquisition. The platform was established in 2017 to acquire and develop logistics facilities across India.
GIC, which also has a JV with DLF for commercial properties under DCCDL, has been expanding its India portfolio. In 2024, GIC and Xander acquired Waverock IT SEZ from Shapoorji Pallonji and Allianz Real Estate for nearly Rs 2,000 crore. Last year, GIC also formed a joint venture with ESR to develop warehousing projects in India