Singaporean retail properties investor and developer Virtuous Retail South Asia Pte. Ltd. (VRSA) has bought two existing malls and an upcoming retail development project in India.
Virtuous Retail South Asia, the joint venture between alternative investment firm The Xander Group Inc. and Dutch pension fund APG, purchased the assets for about $500 million.
With the latest acquisitions, the company will own and operate around 11 million square feet of retail space in one of the four metros and in the 12 top cities in India.
Virtuous Retail South Asia noted that the transaction is part of the company’s ongoing extension program for India.