Lake Shore acquires Viviana Mall in Thane for Rs 1,900 cr

In the biggest-ever deal for any retail asset in India, the Abu Dhabi Investment Authority-backed (ADIA) Lake Shore India Advisory has procured Viviana Mall in Thane from Singapore’s sovereign wealth fund Guaranteed Investment Certificate (GIC) and realty developer Ashwin Sheth Group for more than Rs 1,900 crore.

The procurement of the operational retail property is additionally this year’s first single-largest real estate deal in the nation. In June, Lake Shore India Advisory was in advanced talks to acquire this 2-million-sq-ft retail mall.

The agreement assumes importance as it indicates global investors’ unabated interest in Indian mall developments and confidence that retail consumption will rebound once the Covid-19 pandemic is over. Viviana Mall occupies a 13-acre plot of land in Thane's Pokhran Road and has a total lease area of 1.7 million sq ft. It accommodates one of the biggest multiplexes with 14 screens, comprising an Imax experience.

Lake Shore India’s subsidiary Salsette Developers is procuring the property from Sheth Developers & Realtors (India) that holds and runs Viviana Malls. Salsette Developers is financing the purchase with equity and debt, comprising non-convertible debentures (NCDs).

Salsette Developers raised Rs 450 crore by releasing NCDs on Tuesday, revealing the NSDL’s data on debt trade repository for foreign portfolio investors (FPI) investment in such instruments.

The mall is jointly held by the Ashwin Sheth Group with a 51% stake and a balance with GIC. The Singapore sovereign wealth fund had acquired a stake in this retail property from Sheth Group in early 2016 at a valuation of Rs 900 crore. Both entities have now sold their respective stakes to Lakeshore India.

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