Singapore firm buys Amritsar mall

New Delhi, December 10

Tata Realty has sold two shopping malls in Amritsar and Nagpur to Singapore-based Virtuous Retail South Asia for Rs 700 crore. Virtuous Retail South Asia Pvt Ltd (VRSA) is the retail arm of private equity firm Xander.

The shopping mall in Amritsar has a leasable area of one million sq ft, while the mall in Nagpur (Maharashtra) has 7,00,000 sq ft area.

The VRSA said in a statement it has acquired “Trilium retail shopping center portfolio from Tata Realty for Rs 700 crore ($100 million).”

“With these new acquisitions and the recently announced 20-acre land acquisition in Mumbai, VRSA’s operational and under development India retail portfolio is now over 13 million sq ft across the four metropolitan cities of NCR Delhi, Mumbai, Bengaluru and Chennai and regional gateway cities of Surat, Chandigarh, Amritsar and Nagpur,” the statement said.

The acquisition from Tata Realty is in line with the company’s rapid pan-India expansion strategy being executed through both ground-up development and acquisition of existing, high-quality retail assets, it added.

The VRSA will invest additional capital in repositioning and rebranding the Trilium shopping malls as community-centric. — PTI