Dutch pension manager, in JV, acquires Indian shopping malls for $100m

A joint venture between Virtuous Retail South Asia (VRSA), the retail development arm of investment firm The Xander Group, and Dutch pension fund manager APG has acquired a pair of shopping malls in India from Tata Realty for INR 7 billion ($100 million). The seller was Tata Realty and Infrastructure. 

The assets include two Trilium-branded malls — one in the Punjab city of Amritsar, which totals 700,00 square feet, and one in the Maharashtra city of Nagpur, which totals 1 million square feet.

With these new acquisitions and a recently announced 20-acre land acquisition in Mumbai, VRSA’s operational and under development India retail portfolio is now more than 13 million square feet across the four metropolitan cities of NCR Delhi, Mumbai, Bengaluru and Chennai, as well as regional gateway cities of Surat, Chandigarh, Amritsar and Nagpur.