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Phoenix Mills' ISMDPL acquires land in Bengaluru for Rs 650 crore

Island Star Mall Developers (ISMDPL), a strategic investment alliance owned by The Phoenix Mills (PML) and Canada Pension Plan Investment Board (CPPIB) has acquired a land in Hebbal, Bengaluru, for Rs 650 crore (C$130 million). 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.

Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.

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