Singaporean real estate properties developer Virtuous Retail South Asia has acquired a prime, nearly 20-acre land parcel in Thane near Mumbai, India for 710 crore rupees ($100 million).
Virtuous Retail, part of private equity firm Xander Group, acquired the asset from Indian textile major Raymond Group.
With the completion of the deal, Virtuous Retail aims to invest a further $240 million to develop the site, taking its total investment to over $338 million.
Virtuous Retail intends to construct a 3.7 million square feet mixed-use city center project anchored by a 2.4 million square feet virtual reality retail flagship development.