Khaitan & Co advised The Phoenix Mills Limited and Island Star Mall Developers Private Limited in relation to investment by Canada Pension Plan Investment Board in Island Star, a strategic investment platform to develop, own and operate retail-led mixed-use developments across India.

CPPIB will initially own 30% of platform and plans to make an aggregate investment of $247m to own up to a 49% stake in the platform. This is a first-of-its-kind for India’s retail real estate industry.

The core transaction team included Siddharth Shah (Partner), Mayank Singh (Associate Partner), Kartikeya Prakash (Senior Associate), Kinshuk Jhunjhunwala (Principal Associate) and Anish Mohanty (Associate) with assistance from the following:

Employment aspects: Anshul Prakash (Partner)

Intellectual property aspects: Shailendra Bhandare (Counsel)

Litigation aspects: Sanjeev Kapoor (Partner), Sachin Mandlik (Partner) and Peshwan Jehangir (Associate Partner)

Tax aspects: Ritu Shaktawat (Associate Partner)