Virtuous Retail South Asia (VRSA), a retail arm of Xander Group, has acquired a 2-million sq. ft. North Country mall for Rs 700 crore in Mohali.
The transaction of this acquisition will be completed through a platform with Dutch pension fund asset manager APG. The agreement comprises the payment of existing debt of the mall owner, a joint venture of between Sun Apollo and Gumberg Retail – a US-based retail operator.
North Country mall is developed on 22 acres of property with a leasable area of 1 million sq. ft. where brands like H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central & Home Center, across key retail and lifestyle segments are selling their products.
With this acquisition, VRSA retail portfolio in India is enlarged to 5.5 million sq. ft. which makes it become the largest institutional investor and operator in India. The company believes that there is a potential of developing additional 6 lakh sq. ft. of retail space. It is also planning to invest in rebranding the mall as a VR flagship center.
“This acquisition, combined with VR Chennai, which is in final lease up stage, enables VRSA to simultaneously offer retailers, two new retail developments of scale, in key markets, at a time when quality retail space is scarce and the economy is poised to grow strongly,” says Rohit George, MD, VRSA.
Source: ET Realty