Home World Business Xander Group inks two mega realty deals worth Rs 3,000 cr

Xander Group inks two mega realty deals worth Rs 3,000 cr

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First deal is where it bought an SEZ in Chennai and second one is a mall acquisition in Chandigarh

Xander Group

Private equity group has signed two mega property deals in the country worth Rs 3,000 crore.

The first deal is where it bought a special economic zone in Chennai and second one pertains to a mall acquisition in Chandigarh.

In one of the largest private equity deals in real estate in recent years, it has bought an operational special economic zone in Chennai for Rs 2,290 crore from

The deal involves buying 100 per cent stake in Gateway for Rs 1,250 crore and Rs 1,040 crore investment in the project, Xander said.

The deal involves 1.7 million sq ft of occupied and operational and a partnership with Shriram.

Shriram will continue to develop and own residential and retail components comprising 2.6 million sq ft while Xander will have the ability to develop an additional 1 million sq ft, it said.

Last year, Canada-based Brookfield bought 5 million sq ft of commercial properties of Hiranandani group for $1 billion (about Rs 6,700 crore then).

“The acquisition demonstrates our continued interest in large, well positioned assets with growth potential across gateway cities in India, and nicely complements our existing office portfolio,” said Rohan Dikti, senior partner at The

In another transaction, Virtuous Retail South Asia (VRSA), JV between Xander and Dutch pension fund APG bought a two million sq ft mall in Chandigarh, called North Country Mall from Sun Apollo -Gumberg for Rs 700 crore.

This is the largest mall acquisition this year and the deal included repaying the debt which is around Rs 400 crore.

VRSA beat other contenders such as The Phoenix Mills and Blackstone who were there in the fray.

The deal comes within six months after APG and Xander formed a JV for the Xander’s mall assets where APG picked up 77 per cent in the venture for Rs 2000 crore.

North Country Mall, located in the Chandigarh Capital Region, is one of the largest operating malls in Punjab. It’s built on 22 acres on the arterial NH 21, and has leasable area of 1 million sq ft. It has anchor tenants such as H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central & Home Center and others, and Reliance Market. VRSA will also invest in rebranding the mall as a VR flagship center, a release from VRSA said.

Sid Yog, chairman of the board, VRSA, said, “The acquisition expands our footprint into North India, has numerous portfolio synergies, and is value accretive to our stakeholders, including retail partners and investors.”

Deals in retail properties have shot up in the recent years. Last year, Blackstone bought 50 per cent stake in a Pune mall for Rs 600 crore

Before that, it bought a mall in Navi Mumbai from L& T Realty for Rs 1,400 crore.

It has set up a company called Nexus Malls to manage the malls.

Xander Group inks two mega realty deals worth Rs 3,000 cr

First deal is where it bought an SEZ in Chennai and second one is a mall acquisition in Chandigarh

Private equity group Xander group has signed two mega property deals in the country worth Rs 3000 crore.The first deal is where it bought a special economic zone in Chennai and second one pertains to a mall acquisition in Chandigarh.In one of the largest private equity deals in real estate in recent years, it has bought a operational special economic zone in Chennai for Rs 2290 crore from Shriram Properties.The deal involves buying 100 per cent stake in Gateway SEZ for Rs 1250 crore and Rs 1040 crore investmnt in the project, Xander said.The deal involves 1.7 million sq ft of occupied and operational SEZ and a partnership with Shriram to deliver the under construction of 1.9 million sq ft.Shriram will continue to develop and own residential and retail components comprising 2.6 million sq ft while Xander will have the ability to develop an additional 1million sq ft, it said.Last year , Canada based Brookfield bought 5 million sq ft of commercial properties of Hiranandani group for $ 1 .

Private equity group has signed two mega property deals in the country worth Rs 3,000 crore.

The first deal is where it bought a special economic zone in Chennai and second one pertains to a mall acquisition in Chandigarh.

In one of the largest private equity deals in real estate in recent years, it has bought an operational special economic zone in Chennai for Rs 2,290 crore from

The deal involves buying 100 per cent stake in Gateway for Rs 1,250 crore and Rs 1,040 crore investment in the project, Xander said.

The deal involves 1.7 million sq ft of occupied and operational and a partnership with Shriram.

Shriram will continue to develop and own residential and retail components comprising 2.6 million sq ft while Xander will have the ability to develop an additional 1 million sq ft, it said.

Last year, Canada-based Brookfield bought 5 million sq ft of commercial properties of Hiranandani group for $1 billion (about Rs 6,700 crore then).

“The acquisition demonstrates our continued interest in large, well positioned assets with growth potential across gateway cities in India, and nicely complements our existing office portfolio,” said Rohan Dikti, senior partner at The

In another transaction, Virtuous Retail South Asia (VRSA), JV between Xander and Dutch pension fund APG bought a two million sq ft mall in Chandigarh, called North Country Mall from Sun Apollo -Gumberg for Rs 700 crore.

This is the largest mall acquisition this year and the deal included repaying the debt which is around Rs 400 crore.

VRSA beat other contenders such as The Phoenix Mills and Blackstone who were there in the fray.

The deal comes within six months after APG and Xander formed a JV for the Xander’s mall assets where APG picked up 77 per cent in the venture for Rs 2000 crore.

North Country Mall, located in the Chandigarh Capital Region, is one of the largest operating malls in Punjab. It’s built on 22 acres on the arterial NH 21, and has leasable area of 1 million sq ft. It has anchor tenants such as H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central & Home Center and others, and Reliance Market. VRSA will also invest in rebranding the mall as a VR flagship center, a release from VRSA said.

Sid Yog, chairman of the board, VRSA, said, “The acquisition expands our footprint into North India, has numerous portfolio synergies, and is value accretive to our stakeholders, including retail partners and investors.”

Deals in retail properties have shot up in the recent years. Last year, Blackstone bought 50 per cent stake in a Pune mall for Rs 600 crore

Before that, it bought a mall in Navi Mumbai from L& T Realty for Rs 1,400 crore.

It has set up a company called Nexus Malls to manage the malls.

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Raghavendra Kamath

Business Standard

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