Published
Apr 7, 2023
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Virtuous Retail in talks to sell off India malls

Published
Apr 7, 2023

Retail business Virtuous Retail South Asia is in talks with Nexus Malls and Lake Shore India Advisory to sell off its malls in India. The deal could total between $400 million to $500 million.

Inside a Nexus Mall - Nexus Elante- Facebook


Virtuous Retail South Asia is a joint venture between Singapore-based private equity firm Xander Group and Dutch institutional investor APG. The business currently runs six malls in India in Amritsar, Bengaluru, Chandigarh, Chennai, Nagpur, and Surat and is also in the process of constructing malls in Delhi and Mumbai, which would be part of the portfolio included in the deal, ET Retail reported. 
 
“Indian retail has rebounded significantly and both retailers and mall owners are benefiting from strong demand fuelled by increased consumption,” said real estate services business Anarock Capital’s managing director Shobhit Agarwal, the Economic Times reported. “The upward curve is very sustainable. It’s a very good time for retail stakeholders across the value chain. Whatever the steam the sector lost during the Covid-19 pandemic has returned multifold and the momentum shows no signs of slowing down. There is huge demand for well-managed retail spaces, especially in Tier 1 cities.”

Nexus Malls is owned by Blackstone Group and acts as its Indian retail portfolio arm. Lake Shore India Advisory is owned by the Abu Dhabi Investment Authority.
 

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