Deal Closed | The Phoenix Mills Limited | Investment by GIC

The details of the deal are as follows:

Sector: Real Estate 

Announcement: Date 02-Jun-2021 

Name of Client: Phoenix Mills Limited 

Deal Description: Khaitan & Co Advised Phoenix Mills Limited and its subsidiaries to enter into a strategic partnership with GIC to establish a USD 733 million (approx INR 5,362 crore) investment platform for retail-led mixed-use assets aggregating to ~3.4 million sq ft of leasable retail and office space in India. GIC will acquire a significant minority stake in the portfolio of projects located in Mumbai and Pune vide investments in Offbeat Developers Private Limited, Graceworks Realty and Leisure Private Limited and Vamona Developers Private Limited. 

Total Consideration: INR 15.1 billion (USD 208 million) 

Team Members: Siddharth Shah (Partner), Vineet Shingal (Partner), Kumar Kartikeya Prakash (Partner), Aman Dwivedi (Senior Associate), Yash Kumar (Associate) 

Role of the Firm: Khaitan and Co assisted and advised The Phoenix Mills Limited and its project companies to inter alia prepare and execute transaction documents with GIC to establish an investment platform for retail-led mixed-use assets in India. The Firm will also assist the client to achieve the completion of the proposed investment.