Abu Dhabi Investment Authority (ADIA)-backed institutional investor Lake Shore has raised over Rs 1,200 crore from HSBC Commercial Banking through a sustainability-linked loan for its retail property Viviana Mall in Thane. The integrated institutional investor has raised the fund through Lake Shore Group entity Salsette Developers which owns the retail property in Thane.

HSBC Commercial Banking has provided the capital used to refinance the existing lenders and provide liquidity. Viviana Mall is spread across three levels and is developed on a land parcel spread over 11.7 acres, and houses over 240 key domestic and global retailers including Zara, H&M, Reliance Retail, M&S and Shoppers Stop.

In 2022, in the largest transaction for any single retail asset in India, it had acquired this nearly two-million-square-feet operational property from Singapore's sovereign wealth fund GIC and realty developer Ashwin Sheth Group.

Sustainability loans link the cost of capital to a company's overall sustainability performance, and in this case, Lake Shore will adhere to performance on crucial environmental, social and governance (ESG) factors, and key areas like sourcing green energy and improving waste recycling efforts.