Dutch pension fund acquires three malls for $500m

Virtuous Retail South Asia Pte. Ltd, a retail development joint venture between alternative investment firm The Xander Group Inc. and Dutch pension fund APG, has acquired two existing malls and an upcoming retail development project for approximately $500 million.

The acquisitions are part of the joint venture’s efforts to expand into India. With the latest acquisitions, Virtuous Retail will own and operate around 11 million square feet of retail space in India.

In 2016, Xander partnered with APG Asset Management NV to form a joint venture to acquire shopping malls for about $300 million. And in 2017, APG invested an additional $175 million into the joint venture.