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Lake Shore India Advisory, Reach Promoters ink JV for retail project

Wednesday, 03 Jul 2019
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The Abu Dhabi Investment Authority (ADIA)-backed Lake Shore India Advisory has entered a joint venture (JV) with Reach Promoters for a retail project in Gurugram, Haryana. The total investment in the project, including construction funding, is not expected to exceed Rs 1,400 crore.

The fund will invest in 1.1 million sq ft of retail space that is being developed in two phases on a 13.5 acre land parcel in Gurugram. The project also has a commercial component of four lakh sq ft.

Phase-I of the project is expected to be launched by the end of 2019 and will spread over six lakh sq ft. Lake Shore owns majority stake in the development. Reach Promoters has already tied up with retailers like Lifestyle, Reliance Mart and Cinepolis. Phase-II of the project is expected to be completed in four years.

Earlier in 2019, Lake Shore India Advisory bought majority stake in a retail mall project in Hyderabad from the Phoenix Group for about Rs 1,000 crore.

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