With an investment around $2.3 billion till now in India, Xander Group has started the movement to increase its activity in office portfolio and buy shopping malls under its retail arm Virtuous Retail South Asia Pvt Ltd (VRSA).
As of now, the company has acquired an information technology special economic zone in Chennai for $350 million and bought North Country Mall in Mohali under VR for $108 million. Going forward, it plans to invest over $400 million in the office portfolio and conclude acquisitions in their pipeline with an equally same amount of fund.
The Senior Partner Rohan Sikri in Xander Investment Management affirms and further adds that Xander Group is going to expand its office portfolio to 10 million sq. ft. from the current pipeline of 3 million sq. ft.
On the other hand, VRSA in its joint venture (JV) with APG Asset Management NV has a total 5.5 million sq. ft. of retail portfolio. The subsidiary is expected to invest in the Mohali mall to enhance the branding align this asset with the larger VR portfolio. The vision is to expand the portfolio through numerous JVs under Xander umbrella across the country including the cities like Mumbai, Pune, Bangalore, etc.
Source: ET Realty