GIC will acquire minority stake in PML's portfolio of retail‐led mixed‐use properties. : Phoenix Mills (PML) and Singapore sovereign fund GIC have formed a $733 million joint venture to run retail-led mixed-use properties in India, said the two sides on Wednesday. GIC will acquire a "significant" minority stake in PML’s portfolio of retail‐led mixed‐use properties under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space and amongst PML’s best.