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GIC deal will lead to cashflow of Rs 830 crore, says Phoenix Mills’ Shrivastava

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GIC deal will lead to cashflow of Rs 830 crore, says Phoenix Mills’ Shrivastava

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Phoenix Mills will be receiving around Rs 830 crore from the GIC deal, Shishir Shrivastava, managing director (MD), told CNBC-TV18.

Phoenix Mills will be receiving around Rs 830 crore from the GIC deal, Shishir Shrivastava, managing director (MD), told CNBC-TV18.
Phoenix Mills and Singapore's sovereign wealth fund GIC partnered to establish an investment platform. The platform will be used for retail-led, mixed-use assets in India and will seek to develop, own, and operate retail-led, mixed-use development properties.
“There is going to be a primary and secondary investment by GIC. Tranche one comprises an infusion of Rs 1,111 crore into these three entities, and Phoenix Mills will receive cash flow of about Rs 830 crore out of that investment. So, there will be some primary capital remaining from tranche one for growth in these special purpose vehicles (SPVs). There is a tranche two, we would mutually agree on investment in about 12 months, which would be of about Rs 400 crore,” Shrivastava said.
On agreement, he said, “We have entered into definitive agreements with GIC for them to invest in three of Phoenix’s 100 percent owned subsidiaries and between these three subsidiaries, we own about 2.5 million square feet of retail gross leasable area (GLA) and close to million-and-a-half of commercial offices. These are located in Mumbai and Pune.”
For the entire interview, watch the video.
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