Virtuous Retail

Virtuous Retail
Company typePrivate company
IndustryRetail
Founded2007
ProductsCommercial offices
Shopping malls
Hotels
Hospitality
Retail

Virtuous Retail South Asia (VRSA) owns and operates shopping centres across India in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh. Their centres are designed with a focus on integrating the historical and cultural heritage of the surrounding community into their architecture and programming. These centers typically feature a diverse range of food and beverage options, retail and community spaces, but their scope extends beyond mere shopping experiences...[1][2][3][4]

History

Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India.[5] In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%.[5] The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.[5]

Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.[6][7][8][3]

See also

References

  1. ^ "Virtuous enters Delhi real estate". Economic Times. 19 April 2018.
  2. ^ Krishnan, Janaki (16 January 2024). "Dutch pension manager APG struggles to exit Virtuous Retail". BusinessLine. Retrieved 15 July 2024.
  3. ^ a b IN, FashionNetwork com. "Virtuous Retail in talks to sell off India malls". FashionNetwork.com. Retrieved 15 July 2024.
  4. ^ https://www.youtube.com/watch?v=OhgR4ZjZsiM
  5. ^ a b c Krishnan, Janaki (12 February 2023). "Dutch pension fund APG Asset Management in talks to sell stake in Virtuous Retail". BusinessLine. Retrieved 15 July 2024.
  6. ^ "Virtuous Retail acquires three malls for $500 mn". Live Mint. 24 September 2019.
  7. ^ Babar, Kailash. "Xander's Virtuous Retail Buys 20-acre Raymond land parcel in Thane for over Rs 710 crore". The Economic Times. Retrieved 29 September 2020.
  8. ^ Haidar, Faizan (17 April 2023). "Virtuous Retail in talks to sell malls for about $500 million". The Economic Times. ISSN 0013-0389. Retrieved 15 July 2024.


Stub icon 1 Stub icon 2

This article about an Indian company is a stub. You can help Wikipedia by expanding it.