Tata subsidiary sells two giant Indian malls
In this article (5)
Two giant Indian malls, in Nagpur and Amritsar, have been snapped up by Virtuous Retail South Asia for US$100 million.
The 1 million sqft Amritsar centre and 700,000 sqft Nagpur property were bought from Tata Realty and Infrastructure’s Trilium shopping mall portfolio, according to a report on Livemint. Virtuous, which is building a portfolio of Indian malls, is the retail development subsidiary of investment company The Xander Group. The company also recently acquired a 20-acre site from Raymond Limited in Thane, near Mumbai, where it plans to develop a mall.
“This has been a year of active investments for us to broaden our shopping centre portfolio,” said Sid Yog, VRSA’s founder and chairman told Livemint. “Going forward, we would also explore acquisition opportunities in Kolkata and Hyderabad and add properties to the cities we are already present in.
“We believe even gateway regional cities like Nagpur and Amritsar have significant population and retail consumption to make them attractive for us.”.
VRSA now has more than 13 million sqft of Indian malls operating or under development across Delhi-National Capital Region(NCR), Mumbai, Bengaluru and Chennai along with smaller cities such as Surat, Mohali, Amritsar and Nagpur.
The company says it plans to renovate and rebrand the newly acquired Indian malls.
Meanwhile, Sanjay Dutt, MD and CEO of Trilium says the sale reflects the company’s strategy of exiting tier 2 and 3 cities.
Questions & Answers
Q.Why did Tata Realty and Infrastructure sell these two mall properties?
Why did Tata Realty and Infrastructure sell these two mall properties?
The sale reflects Tata Realty and Infrastructure’s strategy of exiting cities categorised as tier 2 and tier 3, according to Sanjay Dutt, MD and CEO of Trilium.
Q.What are Virtuous Retail South Asia's plans for the newly acquired malls?
What are Virtuous Retail South Asia's plans for the newly acquired malls?
Virtuous Retail South Asia plans to renovate and rebrand the acquired malls in Nagpur and Amritsar as part of their strategy.
Q.How much retail space does Virtuous Retail South Asia currently manage or have under development in India?
How much retail space does Virtuous Retail South Asia currently manage or have under development in India?
Virtuous Retail South Asia now has over 13 million square feet of Indian malls operating or under development across various cities.
Q.Which new cities is Virtuous Retail South Asia considering for future acquisitions?
Which new cities is Virtuous Retail South Asia considering for future acquisitions?
Virtuous Retail South Asia would explore acquisition opportunities in Kolkata and Hyderabad, and also add properties to cities where they are already present.
Reader pulse
Is Tata's mall divestment a smart move?
16,637 votes so far