Source : ETT / Feb 2022 / IST / https://economictimes.indiatimes.com/industry/services/property-/-cstruction/adia-backed-lake-shore-acquires-viviana-mall-from-ashwin-sheth-gic-for-rs-1900-crore/articleshow/89511350

In the largest ever transaction for any retail asset in India, the Abu Dhabi Investment Authority-backed Lake Shore India Advisory has acqu-ired Viviana Mall in Thane 11 from Singapore’s sovereign wealth fund GIC and realty developer Ashwin Sheth Group for over Rs 1,900 crore, said persons with direct knowledge of the development. The acquisition of the operatinal retail property is also this year’s first single biggest real estate transaction in the country. In June, ET was first to report that Lake Shore India Advisory was m advanced discussions to acquire this nearly 2-million-sq-ft retail mall.
Checkout Counter Lake Shore India acquiring property through subsidiary Salsette Developers
Salsette raised Rs 450 crore via NCDs on Tuesday

Viviana Mall spread over 13 acres land parcel
Total area 1.7 million sq ft, fully leased and occupied
GIC had invested Rs 900 crore in 2016

The deal assumes significance as it indicates global investors’ unabated interest in Indian mall developments and confidence that retail consumption will rebound once the Covid-19 pandemic is over. Viviana Mall is spread on a 13-acre land parcel on Thane’s on Pokhran Road and has a total lease area of 1.7 million sq ft. It houses one of the largest multiplexes with 14 screens including Imax experience. “Lake Shore India’s subsidiary Salsette Developers is acquiring the property from Sheth Developers & Realtors (India) that owns and operates Viviana Malls. Salsette Developers is funding the acquisition with equity and debt including non-convertible debentures (NCDs),” said one of the persons mentioned above.