Prestige Estates Projects said its hospitality arm, PHVL, has raised ₹3,000 crore from Canada Pension Plan Investment Board by diluting a 27 per cent stake.
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Realty firm Prestige Estates Projects Ltd on Tuesday said its hospitality arm has raised Rs 3,000 crore from Canada Pension Plan Investment Board (CPPIB) by diluting a 27 per cent stake.
In August this year, Prestige Estates had announced that Canada-based investment firm CPPIB will invest up to Rs 3,000 crore in its hospitality arm. The company, CPPIB, and Prestige Hospitality Ventures Ltd (PHVL) executed a binding framework agreement.
CPPIB acquires 27% stake in PHVL
In a regulatory filing on Tuesday, Prestige Estates informed that the CPPIB has invested Rs 3,000 crore (Canadian dollars 441 million) in PHVL. Through the investment, the CPPIB would acquire about a 27 per cent stake in PHVL.
Recently, Prestige Estates shelved plans to launch an initial public offering of PHVL because of uncertain market conditions and some other factors.
The majority of the capital would support the platform’s continued expansion, Prestige Estates said. This marks CPP Investments’ first direct investment in India’s hospitality sector.
Hospitality platform to expand across India
PHVL owns a portfolio of luxury and premium hotels in key cities across India. It is developing many hotels in Bengaluru, Chennai, Delhi, Goa, Hyderabad, and Mumbai.
Irfan Razack, Chairman and Managing Director, Prestige Group said, “Hospitality is an important part of Prestige’s long-term growth strategy, and we see significant opportunity to build a scaled, high-quality portfolio across India.”
“Their long-term investment approach complements our development capabilities and market understanding and together we look forward to creating a hospitality platform of scale while delivering distinctive experiences for our guests and long-term value for our stakeholders,” Razack said.
CPPIB manages C$863.6 billion fund
The CPPIB is a professional investment management organisation that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries.
As of June 30, 2026, the Fund totalled Canadian dollars 863.6 billion. Prestige Estates is one of the country’s leading real estate firms.
Published on September 29, 2026
