Phoenix Mills, Canada firm acquire land for retail use.

Mumbai-based realty firm Phoenix Mills Limited (PML), in association with Canada Pension Plan Investment Board (CPPIB), has acquired a land parcel in Hebbal, Bengaluru, for a total consideration of ₹650 crore (Canadian $130 million). The acquisition was done through Island Star Mall Developers Pvt. Ltd. (ISMDPL), the strategic investment alliance of PML and CPPIB.

“The site, ISMDPL’s second acquisition, is located in Hebbal, Bengaluru, with direct access from the National Highway 7 that connects Bengaluru city to the international airport. The site has development potential of approximately 1.81 million square feet. In the initial phase, ISMDPL would develop at least 1 million square feet as premium retail development,” the company said in a statement.

The Hindu