Virtuous Retail South Asia Acquires North Country Mall for 700 Crores

virtuBy Accommodation Times Bureau

Bangalore, May 2, 2017: Virtuous Retail South Asia Pte. Ltd. (VRSA) today announced the acquisition of the 2 Million sqft. North Country Mall from Sun Apollo / Gumberg for INR 700 crores (~ USD 108 MM), including paying down debt. With this acquisition, VRSA establishes its presence in North India, adding to its existing award winning portfolio of community-centric centers VR Surat and VR Bangalore, and the 2 Million sqft. VR Chennai slated to open in Q4 2017.  Coming within 6 months of creation of the VRSA platform in late 2016, the acquisition is in line with the company’s rapid, nation-wide, expansion strategy through both ground up development and acquisition of existing, high quality assets.  VRSA’s India retail portfolio now stands at 5.5 Million sqft.

 

North Country Mall, located in the Chandigarh Capital Region, is one of the largest operating malls in Punjab. Built on a sprawling 22 acres on the arterial NH 21, it benefits from a great location in the upmarket and high income residential suburb of Mohali, also known for its iconic Cricket Stadium and the Indian School of Business campus. A leasable area of 1 million sqft., is anchored by top national and international brands like H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central & Home Center, across key retail and lifestyle segments, and a regional Reliance Market. Additional leasing and further development potential of 600,000 sqft., will see new retail brands, F&B formats, and entertainment facilities added. VRSA will also invest in rebranding the mall as a VR flagship center.

 





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