Singapore’s GIC forms JV retail-led business with India’s PML

The joint venture will have a $733m portfolio of retail-led mixed use developments.

Singapore’s sovereign wealth fund GIC and India-based real estate firm The Phoenix Mills (PML) are forming a joint venture (JV) seeking to develop, own, and operate retail-led, mixed-use developments in India, according to a press release.

GIC will acquire a minority stake in the JV, with a $733m portfolio of retail-led mixed-use developments, located in Mumbai and Pune. These assets total about 3.4 million sq ft of leasable retail and office space.

Proceeds from the transaction received by PML will act as growth capital to both PML and its subsidiaries to explore and further enhance its portfolio of annuity income assets, said PML’s chairperson Atul Ruia.

The transaction is subject to relevant regulatory approvals.