Canada Pension Plan Investment Board (CPP Investments) has formed a joint venture (JV) with The Phoenix Mills to develop a new mixed-use asset in Lower Parel, Mumbai in Indian state Maharashtra.

The new office-led mixed-use asset forms part of a mixed-use development at Phoenix Palladium, Mumbai.

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The company will invest $181m (INR13.5bn) in tranches for a 49% stake in the new JV, named PCREPL, which will own the new development.

PCREPL will develop one millionft2 of office space as well as 0.2 millionft2 of retail space using the funds invested by CPP Investments and PML.

Slated to be completed by 2026, the new mixed-use asset will complement the existing retail development at The St. Regis, Mumbai hotel and Phoenix Palladium.

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The Phoenix Mills chairman Atul Ruia said: “The new proposed office development will further complement and enhance the attractiveness of this destination.

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“Our upcoming office spaces will be designed with the aim to cater to global clientele with inspiring architecture and design along with open, naturally lit green spaces that will provide an air of sophistication and openness.

“This unique environment and culturally enriching spaces will be a perfect blend of formal and casual workspaces.

“We are confident that Lower Parel will cement its pole position as the central business district of choice with the various infrastructure initiatives underway and we are confident of strong office demand in the coming years.”

In 2017, the first joint venture between two companies, Island Star Mall Developers, was formed to develop, own, and operate retail-led, mixed-use developments.

Currently, the JV is developing three retail-led, mixed-use projects at Indore, Wakad-Pune, and Hebbal-Bengaluru in India.

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The new mixed-use asset will include one millionft2 of office space and 0.2 millionft2 of retail space. Credit: Israel Andrade on Unsplash.