Mumbai: Canada Pension Plan Investment Board (CPPIB) Tuesday said it has invested an additional Rs938 crore in Island Star Mall Developers Pvt. Ltd, a platform it co-owns with The Phoenix Mills Ltd.

With this, CPPIB has increased its investment in Island Star to a total of Rs1,662 crore, constituting a 49% stake.

Last April, the pension fund had announced that it will invest a total of approximately Rs1,600 crore (approximately $250 million) in multiple tranches, to eventually own up to 49% in Island Star.

The additional funding will allow Island Star to undertake new developments and acquisitions, creating new retail-led mixed-use assets.

“The investment platform we’ve created with The Phoenix Mills Ltd is executing well, and we are pleased to fund the second tranche of the commitment that will allow us to further expand our retail focussed investment platform," said Andrea Orlandi, managing director, head of real estate investments- Europe, CPPIB.

“Through this platform, we have identified strategic assets over the last 12 months that will help us expand our retail portfolio in India, allowing CPPIB to participate in the growing retail sector in India," Orlandi added.

Since its inception, the platform has acquired a land parcel in Pune and is exploring other investment opportunities.