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Tata Realty exits two non-strategic assets for Rs 700 cr

The Tata Group company has sold these malls to private equity firm Xander Group’ retail arm Virtuous Retail for around Rs 700 crore, said two persons familiar with the development. The transaction would provide an exit to Tata Realty’s maiden fund Tata Realty Initiatives Fund I that had invested in these assets through its corpus of $750 million.

, ET Bureau|
Dec 10, 2019, 12.41 PM IST
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Virtuous Retail South Asia (VRSA) has been acquiring retail projects since last few quarters. The company has recently acquired three malls for $500 million.
MUMBAI: Realty developer Tata Realty & Infrastructure Ltd (TRIL) has exited two of its non-strategic assets, retail malls in Nagpur and Amritsar. The Tata Group company has sold these malls to private equity firm Xander Group’ retail arm Virtuous Retail for around Rs 700 crore, said two persons familiar with the development.

Both the malls under the brand Trillium have total over 1.1 million sq ft retail space.

The transaction would provide an exit to Tata Realty’s maiden fund Tata Realty Initiatives Fund I that had invested in these assets through its corpus of $750 million.

Rohit George, MD, Virtuous Retail South Asia, and Sanjay Dutt, MD & CEO, TRIL, could not be reached for their comments.

Virtuous Retail South Asia (VRSA) has been acquiring retail projects since last few quarters. The company has recently acquired three malls for $500 million.

The company’s current portfolio includes four operational malls in Bangalore, Surat, Chennai and Mohali. Apart from this, it has two under-construction retail properties in Delhi and Bengaluru and that part of mixed-use developments.

Recently, Virtuous Retail South Asia (VRSA) acquired a nearly 20-acre prime land parcel in Thane, near Mumbai, from textile major Raymond for $100 million, or over Rs 710 crore. The company is looking to invest an additional $240 million, or over Rs 1,700 crore, to develop the site, taking its total investment to over Rs 2,400 crore.

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