For the past few months, a leading German real estate fund MPC Synergy was showing keen interest in investing in Indian real estate companies and now finally it has decided to invest in Phoenix Mills.
MPC Synergy has invested $200 million in equity in various special purpose vehicles (SPVs) floated by a leading Indian real estate developer Phoenix Mills. This foreign direct investment is the second-largest foreign direct investment in the Indian real estate market.
MPC Synergy which is a joint venture between Germany-based MPC Capital and Switzerland-based Synegy Asset Management has picked up various equity stakes ranging from 10% to 49% in 21 real estate projects promoted by Phoenix Mills. Each project is structured as a separate corporate entity in the form of an SPV.
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