Singapore’s GIC invests in Indian mall
Singapore-based GIC has purchased a 50 percent stake in a shopping mall in Mumbai, India, for $146.4 million. The seller, Sheth Developer, will retain the remaining stake.
Viviana Mall totals 1 million square feet, is located in the northern suburb of Thane, and is one of the country’s largest malls. It is 100 percent occupied.
Many global investors are looking to buy mall properties in India. With the National Democratic Alliance government relaxing foreign direct investment norms in November 2015, international investors are finding newer and easier ways of investing in real estate.
The Blackstone Group acquired two malls, AlphaOne Ahmedabad and AlphaOne Amritsar, in India for $31.3 million in 2015. Carnival Group paid $115.7 million to purchase the Elane Chandigarth Mall from L&T Realty.
India’s Xander Group has sponsored Virtuous Retail, which was launched in 2007 with a commitment to invest $600 million to build top-quali