Virtuous Retail South Asia has acquired the 2 million sq ft North Country Mall from Sun Apollo/Gumberg for INR 700 crores (USD 108 MM), including paying down debt. With this acquisition, VRSA establishes its presence in North India, adding to its existing award winning portfolio of community-centric centers VR Surat and VR Bangalore, and the 2 million sq ft. VR Chennai slated to open in Q4 2017.
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The report “India’s Real Estate Market Outloo 2016” is part of CBRE’s Asia Pacific Markets Outlook Report series. CBRE forecasts that Asia Pacific’s steady economic growth will continue to outpace the rest of the world in 2016.
Location matters and so does a good understanding of the consumer market where a mall is located. Successful retail positioning relies on research into the local consumer market and securing anchor tenants. Once a mall opens, retail property managers must be proactive in asset management, maintaining an optimal mix of tenants and tracking retailers’ performances.
Today, the world sees India as a land of opportunity for business and investment. RBI head Raghuram Rajan said in mid-September that while fellow BRICs have deep problems, India appears to be an island of relative calm in an ocean of turmoil.
The meteoric growth of e-commerce in India in recent years was broadly seen as a threat to physical retail. Seemingly bearing this out, ASSOCHAM states that e-commerce has grown at a compounded annual growth rate (CAGR) of ~30%, while retail sector growth has been at 15% CAGR over the last five years.