Virtuous Retail Buys Two Tata Realty Shopping Malls For Rs 700 Crore
Tata Realty And Infrastructure Ltd., a 100 percent subsidiary of Tata Sons Ltd., has sold two shopping malls in Amritsar and Nagpur to Singapore-based Virtuous Retail South Asia Pte Ltd. for Rs 700 crore.
Virtuous Retail South Asia is the retail arm of private equity firm Xander Group.
The shopping mall at Amritsar, Punjab, has a leasable area of 1 million square feet while the mall in Nagpur, Maharashtra, has 7,00,000 square feet area.
In a statement, Virtuous Retail South Asia said it has acquired "Trilium retail shopping center portfolio from Tata Realty for Rs 700 crore ($100 million)." The company has added two more operational centres to its existing and operational 5.4 million square feet retail portfolio.
"With these new acquisitions and the recently announced 20-acre land acquisition in Mumbai, Virtuous Retail South Asia's operational and under development India retail portfolio is now over 13 million square feet across the four metropolitan cities of Delhi NCR, Mumbai, Bengaluru and Chennai and regional gateway cities of Surat, Chandigarh, Amritsar and Nagpur," the statement read.
The acquisition from Tata Realty is in line with Virtuous Retail South Asia's rapid pan-India expansion strategy being executed through both ground-up development and acquisition of existing, high-quality retail assets, it added.
Virtuous Retail South Asia will invest additional capital and resources in repositioning and rebranding the Trilium shopping malls as community-centric, flagship Virtuous Retail centres.
"The acquisition of the Tata Realty retail portfolio provides an immediate opportunity to convert two existing, well-built assets in highly desirable locations, into people-centric VR flagship centres for two leading Indian cities with a very proud and rich heritage and history," Sid Yog, founder and chairman of Virtuous Retail South Asia.
The company’s Executive Managing Director Rohit George said, “These acquisitions immediately add 1.7 million square feet of existing retail space to our operational portfolio, taking it to about 7 million square feet across six cities."
Combined with under-development VR Delhi and VR Mumbai (totalling about 5 million square feet), and the soon to be opened VR Mantri Arena in west Bengaluru (1 million square feet), Virtuous Retail South Asia said its portfolio span across nine locations across eight major cities.