Singapore-based Virtuous Retail South Asia (VRSA) announced an investment of USD 340 Million (INR 2,400 crores) in a retail-anchored project in the Mumbai Metropolitan Region.
The firm has acquired a prime 20-acre land parcel from Raymond Limited for USD 100 Million (Rs. 700 crore) and will invest another USD 240 Million (Rs 1,700 crore) to develop the site.
The company, which is the retail arm of private equity firm Xander, would build a 3.7 million sq ft mixed-use city centre anchored by a 2.4 million sq ft VR Retail Mall.
VRSA’s pan-India portfolio now stands at 11 Million sqft. This entry into Mumbai also makes VRSA the only retail center developer-owner-operator to have a presence across the top four retail markets in India.
In the first phase of the development, VRSA will deliver a 2.4 Million sqft VR flagship center anchored by top international and national brands spanning the full spectrum of retail, dining, lifestyle, and entertainment offerings.
Upon completion, the centre is expected to attract over 20 million customer visits annually, and generate over 4,000 permanent, direct new jobs, in addition to over 7,000 construction jobs over the next four years during the development phase.
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