The Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) joint venture has invested Rs 650 crore in land for retail development in Bengaluru. Shishir Shrivastava, ED of Phoenix Mills spoke at length about the venture.
Shrivastava said that this is a grossly underserved part of north Bengaluru.
He further said that the existing mall in east Bengaluru caters to the eastern and southern part of the city and now the proposed development at Hebbal will cater to north and western Bengaluru.
“This acquisition is under joint venture under the platform that we have with CPPIB,” he added.
Talking about business, he said the company currently operates little more than 6 million square feet of retail mall space, and will develop around 5 million square feet of malls under CPPIB-Phoenix joint venture.