Khaitan & Co has counselled Indian mall developer Phoenix Mills on a strategic partnership with Singapore’s GIC, under which the sovereign wealth fund will acquire “a significant minority stake” in a $733 million portfolio of developments in Mumbai and Pune.

The properties, totalling 315,870 square metres of leasable retail and office space, are among the Indian firm’s best-performing operational assets, said GIC in a statement. GIC previously set up an India retail platform with Phoenix Mills in December.

The Khaitan team was led by partners Siddharth Shah, Vineet Shingal and Kumar Kartikeya Prakash.


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