Abu Dhabi Investment Authority: ADIA-backed Lake Shore in talks to acquire Viviana Mall

Lake Shore India Advisory, backed by the Abu Dhabi Investment Authority, is in talks with property developer Ashwin Sheth Group and Singapore’s sovereign wealth fund GIC to acquire Viviana Mall in Thane for around Rs 2,000 crore, people with knowledge have said. directly from development.

The proposed transaction will be the largest single operational retail property acquisition ever in the country.

“Discussions between the three entities have reached an advanced stage and the transaction is expected to be finalized as soon as terms are being finalized,” said one of the people mentioned above.

The proposed deal is significant as it indicates continued global investor interest in Indian mall development and confidence that retail consumption will rebound once the Covid-19 pandemic is over.

Viviana Mall is spread over a 13-acre parcel of land on Thane’s on Pokhran Road and has a total leasable area of ​​1.7 million square feet. It houses one of the largest multiplexes with 14 screens, including the Imax experience.

GIC had acquired a 49% stake in Viviana Mall from the Sheth Group in early 2016.

ET’s email inquiries to GIC and Lake Shore went unanswered until press time.

“Based on speculation, Viviana Mall management strongly denies any such developments. We will update all of our stakeholders and media if an announcement is to be made,” the Viviana Mall spokesperson said.

ET had earlier reported that institutional investors, including Blackstone Group, Warburg Pincus, ADIA-backed Lake Shore and the Canada Pension Plan Investment Board (CPPIB), through their joint platforms or Indian partners, had expressed an interest in recovering the property.

With increased residential development in and around Thane, the city has also become a major hub for retail consumption, attracting growing interest from major commercial property developers.

Virtuous Retail South Asia (VRSA), the retail arm of private equity group Xander, has acquired a nearly 20-acre plot of land in Thane from a major textile company

for $100 million, or more than Rs 710 crore. It plans to invest a further $240 million, or more than Rs 1,700 crore, to develop the site, bringing its total investment to more than Rs 2,400 crore.

VRSA plans to construct a 3.7 million square foot mixed-use downtown project anchored by a 2.4 million square foot flagship VR retail development. The proposed 2.4 million square foot flagship VR mall will offer retail, dining, lifestyle and entertainment options.

Ashwin Sheth Group seeks to establish a strategic platform to develop and operate shopping centers across the country.

In December, the developer entered into a joint venture with Nagpur-based Sethi Group to develop a 1 million square foot shopping mall, Viviana Nagpur, in the southwestern region of the city near Pratap Nagar.

Recently, GIC also entered into a strategic partnership with The

to create a joint venture to develop, own and operate retail-focused mixed-use developments in India.

In 2019, Lake Shore bought a majority stake in a shopping mall project in Hyderabad from the city-based Phoenix Group for around Rs 1,000 crore including construction finance.


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