Abu Dhabi Investment Authority (ADIA)-backed Lake Shore India Advisory has entered into a joint venture agreement, to invest in a retail project in Gurugram from Reach Promoters. The total investment in the project, inclusive of the construction funding, is expected to be around Rs 1,400 crore.
The fund will invest in the 1.1 m sq ft of retail development, that is being done in two phases on a 13.5- acre land parcel, Gurugram. The project also has a commercial component of 4 lakh sq ft.
The first phase of the project is expected to be launched by the end of 2019 while the second phase of the project is expected to be completed in 4 years.
The recent acquisition marks the ADIA-backed platform’s third investment in India. Earlier this year, it bought majority stake in a retail mall project in Hyderabad from Phoenix Group for about Rs 1,000 crore.
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