Virtuous Retail

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Virtuous Retail
Company typePrivate company
IndustryRetail
Founded2007
ProductsCommercial offices
Shopping malls
Hotels
Hospitality
Retail

Virtuous Retail South Asia (VRSA) is a joint venture between Singapore-based private equity firm Xander Group and Dutch institutional investor APG. The company owns and operates a portfolio of retail assets across India, including shopping malls in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh.[1][2][3][4]

History

Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India.[5] In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%[5]. The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.[5]

Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.[6][7][8][3]

See also

References

  1. ^ "Virtuous enters Delhi real estate". Economic Times. 19 April 2018.
  2. ^ Krishnan, Janaki (16 January 2024). "Dutch pension manager APG struggles to exit Virtuous Retail". BusinessLine. Retrieved 15 July 2024.
  3. ^ a b IN, FashionNetwork com. "Virtuous Retail in talks to sell off India malls". FashionNetwork.com. Retrieved 15 July 2024.
  4. ^ Krishnan, Janaki (12 February 2023). "Dutch pension fund APG Asset Management in talks to sell stake in Virtuous Retail". BusinessLine. Retrieved 15 July 2024.
  5. ^ a b c Krishnan, Janaki (12 February 2023). "Dutch pension fund APG Asset Management in talks to sell stake in Virtuous Retail". BusinessLine. Retrieved 15 July 2024.
  6. ^ "Virtuous Retail acquires three malls for $500 mn". Live Mint. 24 September 2019.
  7. ^ Babar, Kailash. "Xander's Virtuous Retail Buys 20-acre Raymond land parcel in Thane for over Rs 710 crore". The Economic Times. Retrieved 29 September 2020.
  8. ^ Haidar, Faizan (17 April 2023). "Virtuous Retail in talks to sell malls for about $500 million". The Economic Times. ISSN 0013-0389. Retrieved 15 July 2024.


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