Phoenix Mills to Acquire 100% Stake in ISMDPL from CPP Investments
The acquisition of the remaining stake in ISMDPL for ₹5,449 crore is a significant strategic move for Phoenix Mills, giving them complete ownership of a major asset and potential for increased cash flow.
The acquisition is expected to be accretive from the first year and provides Phoenix Mills with full control over ISMDPL's cash flows and strategic decisions.
* Phoenix Mills Limited (PML) will acquire Canada Pension Plan Investment Board’s (CPP Investments) 49% stake in Island Star Mall Developers Private Limited (ISMDPL) to gain 100% ownership. * The transaction is valued at approximately ₹5,449 crore, to be paid over 36 months in four tranches. * Funding will come from surplus cash, internal accruals, and incremental debt at ISMDPL. * ISMDPL’s operational retail GLA is approximately 4.4 million sqft, with completed offices GLA of about 2.2 million sqft. * Expansion plans at Phoenix MarketCity Bangalore include approximately 0.8 million sqft of retail and 1.6 million sqft of office space, along with approximately 700 hotel keys. * ISMDPL has a balance FSI potential of approximately 2.7 million sqft across complexes. * Payment Schedule: * FY26 (T): ₹1,257 crore * FY27 (T + 12 months): ₹1,370 crore * FY28 (T + 24 months): ₹1,358 crore * FY29 (T + 36 months): ₹1,465 crore
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The Phoenix Mills Limited filed this with the NSE as a statutory disclosure, categorised under mergers & acquisitions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by The Phoenix Mills Limited. Read the original for the full detail.