Island Star Mall Developers Acquisition, Valuation, Funding & Investors

Island Star Mall Developers was acquired by Phoenix Mills for $628M in August 2025.

Island Star Mall Developers acquisition price

$628M

Acquired by Phoenix Mills · Aug 2025

Cumulative funding Island Star Mall Developers raised

$143M

across 1 funding round

Key investors in Island Star Mall Developers

  • CPP Investments
  • Phoenix Mills

Island Star Mall Developers Overview

About Island Star Mall Developers

Island Star Mall Developers is a Mumbai-based Indian retail real estate platform developing large-format shopping centers under the Phoenix Marketcity brand. It operates properties in cities like Pune, Chennai, and Kolkata, featuring over 1,000 stores, multiplexes, and entertainment zones attracting millions of visitors annually.


Founded

2006

HQ

IndiaBangalore

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$628M (acquired Aug 2025)

Island Star Mall Developers Acquisition

Island Star Mall Developers was acquired by Phoenix Mills for $628M on 19 August 2025.

Before the acquisition Island Star Mall Developers had raised $143M across 1 funding round.

Island Star Mall Developers Private Limited (ISMDPL) operates Phoenix MarketCity Bengaluru and controls subsidiaries managing Phoenix Mall of Millennium in Pune, Phoenix Mall of Asia in Bengaluru, and Phoenix Citadel in Indore. The platform holds development potential for over 5.2 million sq. ft. of retail, 4 million sq. ft. of office space, and 2-3 hotels with 1,000 keys across Bengaluru, Pune, and Indore, with completed office space of 2.2 million sq. ft. in Pune and Bengaluru starting contributions from 2025-26 and additional phases operational by 2026-27. Phoenix Mills Limited, a leading Indian developer and operator of retail malls, commercial offices, hospitality, and residential projects in prime urban centers, previously held 51% in ISMDPL. Phoenix Mills agreed in July 2025 to acquire CPP Investments' remaining 49% stake in ISMDPL for INR 54.5 billion (Rs 5,449.16 crore), following an ISMDPL share buyback from CPP that raised Phoenix Mills' stake to 55.57%, with subsequent acquisitions of 6.3 million shares increasing it to 58.33%. The deal, structured as a related party transaction with approvals from Phoenix Mills' audit committee, board, shareholders, and a valuation by Bansi S. Mehta Valuers LLP, received CCI approval on August 19, 2025. Specific tranches included acquiring 62,66,737 shares (44.43% stake) for Rs 2,757.36 crore, plus prior buyback of 2,03,40,909 shares for Rs 895 crore on November 11, 2025, enabling full ownership and sole control as a wholly-owned subsidiary. The acquisition consolidates Phoenix Mills' control over high-quality retail-led mixed-use assets, streamlines decision-making, drives operational synergies, and supports growth in India's expanding retail sector fueled by demographics and middle-class expansion. It is earnings-accretive from year one, funded via internal accruals and ISMDPL leverage without impacting group balance sheet, while preserving ongoing JVs with CPP like Mindstone Mall Developers (Phoenix Grand Victoria, Kolkata) and Plutocrat Commercial Real Estate (Project Rise, Mumbai). CPP Investments exits with strong returns, netting INR 54.5 billion.

Island Star Mall Developers acquisition details
AcquirerDateTypePrice
  • Phoenix Mills
19 Aug 2025Strategic M&A$628M

Island Star Mall Developers Funding History

Island Star Mall Developers has raised a total of $143M across 1 funding round.

Island Star Mall Developers funding rounds

Island Star Mall Developers funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2018Strategic investmentCPP Investments (lead); Phoenix Mills$143MIsland Star Mall Developers Private Limited (ISMDPL) was established in April 2017 as a strategic investment platform between Canada Pension Plan Investment Board (CPP Investments) and The Phoenix Mills Limited (PML) to develop, own, and operate retail-led mixed-use developments across India. The platform was initially seeded with Phoenix MarketCity Bangalore, a shopping mall in Bengaluru, and later expanded to include three additional retail development assets operated through wholly-owned subsidiaries: Alyssum Developers Private Limited, Sparkle One Mall Developers Private Limited, and Insight Mall Developers Private Limited. CPP Investments initially acquired a 30% stake for approximately INR 7.24 billion (C$149 million) in April 2017, then increased its investment to INR 16.62 billion (approximately C$330 million total commitment) to raise its stake to 49% by April 2018, while Phoenix Mills retained 51%. The venture was extended in May 2021 with both partners agreeing to invest collectively up to INR 8 billion in tranches as required, maintaining their respective shareholding ratios. Island Star Mall's consolidated revenue grew significantly over time, reaching INR 919.73 crore in fiscal year 2024-25, up from INR 612.24 crore in 2023-24 and INR 302.88 crore in 2022-23, demonstrating strong performance in India's growing retail sector driven by favorable demographics and the expanding middle class. In July 2025, CPP Investments agreed to sell its entire 49% stake to Phoenix Mills and affiliates for net proceeds of approximately INR 54.5 billion (C$871 million / $632 million USD), marking the pension fund's exit from the joint venture after generating strong returns over its eight-year investment period.

Who has invested in Island Star Mall Developers?

2 investors have backed Island Star Mall Developers across its funding rounds, including CPP Investments and Phoenix Mills.

Lead investors include CPP Investments.


Island Star Mall Developers Investors

Investors in Island Star Mall Developers by funding rounds participated
InvestorHQRoundsRoleFirst check

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Island Star Mall Developers Competitors

Island Star Mall Developers competitors include listed companies like MRV, Globalworth Real Estate Investments, Carasso Real Estate and Amos Luzon Group Development and Energy, and private ones like Guy & Doron Levy Engineering Construction Investment and Aspace International Holdings.

Public and private companies comparable to Island Star Mall Developers
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MRVBrazilBrazilPublicly listed$2.1B$3M$625M0.8x
Globalworth Real Estate InvestmentsPolandPolandPublicly listed$86M-$635M-
Carasso Real EstateIsraelIsraelPublicly listed$192M$35M$637M-
Amos Luzon Group Development and EnergyIsraelIsraelPublicly listed$316M$62M$642M-
Guy & Doron Levy Engineering Construction InvestmentIsraelHerzliyaPrivate--$779M-
Aspace International HoldingsUAEDubaiPrivate--$500M-

Island Star Mall Developers Public Comps

Island Star Mall Developers is no longer listed, but its public comps include MRV, Globalworth Real Estate Investments, Carasso Real Estate, Amos Luzon Group Development and Energy, Citycon, Yahagi Construction Co, Castleview Property Fund, Sveafastigheter, Emilshus and Hovnanian Enterprises.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MRV$2.1B$3M0.8x0.8x522.8x9.0x
Globalworth Real Estate Investments$86M-26.0x---
Carasso Real Estate$192M$35M8.0x-43.6x-
Amos Luzon Group Development and Energy$316M$62M5.4x-27.5x-
Citycon$350M$233M9.9x9.9x14.9x16.2x
Yahagi Construction Co$1.1B$86M0.5x0.6x7.0x-
Castleview Property Fund$116M$90M11.8x-15.3x-
Sveafastigheter$157M$50M12.7x11.8x39.7x21.7x

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Common questions about Island Star Mall Developers

When was Island Star Mall Developers founded?Island Star Mall Developers was founded in 2006.
Where is Island Star Mall Developers headquartered?Island Star Mall Developers is headquartered in Bangalore, India.
Is Island Star Mall Developers publicly listed?No, Island Star Mall Developers was acquired by Phoenix Mills in August 2025.
Who acquired Island Star Mall Developers?Island Star Mall Developers was acquired by Phoenix Mills in August 2025.
How much was Island Star Mall Developers acquired for?Island Star Mall Developers was acquired for $628M in August 2025.
How much funding has Island Star Mall Developers raised?Island Star Mall Developers has raised $143M across 1 funding round.
What was Island Star Mall Developers' last funding round?Island Star Mall Developers' last funding round was a $143M strategic investment round in April 2018, led by CPP Investments.
Who are Island Star Mall Developers' investors?Island Star Mall Developers' investors include CPP Investments and Phoenix Mills.
Which companies are comparable to Island Star Mall Developers?Companies comparable to Island Star Mall Developers include MRV, Globalworth Real Estate Investments, Carasso Real Estate, Amos Luzon Group Development and Energy, Guy & Doron Levy Engineering Construction Investment and Aspace International Holdings.

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