Phoenix Mills Ltd (Phoenix), in association with Canada Pension Plan investment Board (CPPIB) has acquired a land parcel in Hebbal, Bengaluru for Rs.650 crore.

In a statement to the exchanges the company stated, “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 approx 1.81 million square feet. In the initial phase, ISMDPL would develop at least 1 million square feet as premium retail development.”

Moreover, the acquisition was done via Island Star Mall Developers Pvt. Ltd (ISMDPL), the strategic investment alliance of PML and CPPIB.

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