North Country Mall on Chandigarh-Kharar road sold for Rs 700 crore
With this acquisition near Chandigarh, VRSA establishes its presence in north India.
Developer-operator of lifestyle shopping malls Virtuous Retail South Asia (VRSA) on Tuesday said it has acquired the 2 million-sq ft North Country mall in Kharar near Mohali (SAS Nagar), Punjab, from Sun Apollo-Gumberg for Rs 700 crore. The mall had opened in early 2013.
With this acquisition near Chandigarh, VRSA establishes its presence in north India, adding to its existing portfolio of community-centric centres VR Surat and VR Bangalore, the company said in a statement issued in Mumbai.
The acquisition for Rs 700 crore also includes paying down debt, it said. Located on National Highway 21 the mall has retail, food and beverage, banquets and other entertainment facilities over 22 acres.
“The acquisition is in line with the company’s rapid, nationwide, expansion strategy through both ground-up development and acquisition of existing, high-quality assets.Our mall in Chennai will also become operational in the fourth quarter of 2017,” VSRA board chairman Sid Yog said.
VRSA’s India retail portfolio now stands at 5.5 million sq ft.
Commenting on the deal, its executive managing director Rohit George said this acquisition, combined with VR Chennai, also enables VRSA to simultaneously offer retailers, two new retail developments of scale, in key metropolitan markets, at a time when quality retail space is scarce and the economy is poised to grow strongly.
According to a newspaper report, the mall with a leasable area of 1 million sq ft — anchored by top national and international brands like H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central & Home Center , and a regional Reliance Market — has an additional leasing and development potential of 6 lakh sq ft. VRSA will also invest in rebranding the mall as a VR flagship center, it is reported.