German firm to invest € 200 m in Phoenix Mills

MUMBAI: Real estate firm Phoenix Mills on Friday said MPC Synergy, a Germany-based private equity firm, will be investing up to 200 million euro (about Rs 1,300 crore) in various special purpose vehicles of the group.
    
The investment of up to 200 million euro would be at the special purpose vehicle (SPV) level of the Phoenix Mills Group as well as the EWDPL Group, wherein the company holds about 42 per cent stake, Phoenix Mills informed the Bombay Stock Exchange.
    
Shares of Phoenix Mills surged as much as 10 per cent and hit its upper circuit limit of Rs 184.85 on the BSE after the said fund infusion was announced. The scrip however, parted with some gains and was later trading at Rs 183.60, a jump of 9.25 per cent in afternoon trade on the bourse.
    
The filing however did not disclose any further details of the said investment.
    
MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over 18.5 billion dollars of assets under management.