Runwal acquires Mumbai's R City Mall
Real estate development business Runwal has acquired R City Mall, one of the largest fashion destinations in Mumbai. The deal advances Runwal’s plan to become the largest retail player in Mumbai.
“We’re able to deliver such huge profits to our partners and are excited to embark on the next chapter of complete ownership of R City Mall,” said Runwal Developers’ managing director Sandeep Runwal, ET Retail reported.
In order to acquire the mall, Runwal purchased 50% of the shares of its joint venture partner, the Government of Singapore Investment Corporation (GIC). The businesses have worked in partnership for more than 17 years.
R City Mall’s retail space measures over 1.2 million square feet and the mall also houses various entertainment facilities. The mall features a mix of 300 Indian and international brands and includes a 24,000 square foot recreational courtyard.
R City Mall has been operational for over 13 years and was recently renovated to offer an elevated shopping experience. Located in Mumbai’s Ghatkopar district, the mall houses brands including Rare Rabbit, Jack & Jones, Celio, Zodiac, Gant, Van Heusen, Indian Terrain, Peter England, Ethnix by Raymond, and Jockey Men among others, according to the mall’s website.
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