Virtuous Retail South Asia (VRSA) has acquired two existing malls and an upcoming retail development project for around USD 500 million. The Virtuous Retail South Asia (VRSA) is the retail development joint venture between alternative investment firm The Xander Group and Dutch pension fund APG.
With the latest acquisitions, Virtuous Retail South Asia will own and operate around 11 million sq ft of retail space in India. While one acquisition will mark the entry in one of the four metros, the two others are located in the 12 top cities in India.
The Bengaluru-based firm operates four malls—Bengaluru, Surat, Mohali, and Chennai--besides two under-construction malls, one each in Delhi and Bengaluru, which are part of mixed-use developments. Virtuous Retail South Asia has been on an acquisition spree in the retail space over the past one year.
The company has announced three co-working centres. It had just opened one in Chennai, Tamil Nadu and will be opening one each in Hyderabad and Pune.