Virtuous Retail Bags $175 Million Of Additional Equity

Shopping mall developer Virtuous Retail South Asia said it has raised USD 175 million (about Rs 1,143 crore) of additional equity from one of its founding shareholders, APG Asset Management.

Virtuous Retail South Asia (VRSA) is a joint venture between Dutch pension fund asset manager APG Asset Management (APG) and Virtuous Retail (VR) sponsored by emerging markets investment firm The Xander Group Inc (Xander).

Equity investment will augment the existing investment capacity of the company and position it for future growth. Company’s portfolio comprises 5.5 million square feet across four flagship centres in Bengaluru, Surat, Chandigarh and Chennai.

VRSA Chairman and founder of The Xander Group Sid Yog said “With all our existing centres trading, our focus will be on new Greenfield projects and selective acquisitions which meet our location and quality parameters”.

VRSA Executive MD and Chief Investment Officer Rohit George said “additional equity will help to significantly add to its dominant portfolio of highly visible shopping centres, integrated with extensive and unique management capability built by us over a decade”.