Virtuous Retail South Asia Pte. Ltd, a joint venture between alternative investments firm The Xander Group Inc. and Dutch pension fund APG, has acquired a majority stake in privately held North Delhi Metro Mall Pvt. Ltd (NDML), according to a media report.
The company will invest a total of Rs 800 crore ($121 million) in NDML, The Economic Times reported, citing people it didn’t identify. It has already invested Rs 300 crore.
The funding will be used to build a retail centre spread across 12.3 acres in north Delhi.
An email sent to Virtuous Retail and NDML did not elicit a response till the time of filing this article.
Virtuous Retail was formed as a $450 million joint venture in November 2016. It raised an additional $175 million from APG last year.
The JV had acquired an initial portfolio of three retail assets in a transaction valued at $300 million and committed an additional $150 million as growth capital.
Subsequently, in May last year, Virtuous Retail bought a retail property in Mohali, Punjab for $109 million including debt from SUN-Apollo Real Estate Fund. It had also agreed to buy a special economic zone in Chennai from realty firm Shriram Group for $190 million and committed more money to expand the project.
It has centres in Bengaluru, Surat, Chandigarh and Chennai. It aims to grow its portfolio in cities such as Delhi-NCR, Mumbai Metropolitan Region, Pune, Hyderabad and Kolkata.
Xander invests in India through three platforms. Apart from Virtuous Retail, it invests across real estate, hospitality and infrastructure segments from its private equity funds, besides making private investments in public equities (PIPE). It also has a credit business through non-banking financial company Xander Finance Pvt. Ltd.
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