Lake Shore acquires Viviana Mall in Thane for Rs 1,900 cr

14 Feb 2022 CW Team

The procurement of the operational retail property is additionally this year鈥檚 first single-largest real estate deal in the nation. In June, Lake Shore India Advisory was in advanced talks to acquire this 2-million-sq-ft retail mall.

The agreement assumes importance as it indicates global investors鈥� unabated interest in Indian mall developments and confidence that retail consumption will rebound once the Covid-19 pandemic is over. Viviana Mall occupies a 13-acre plot of land in Thane's Pokhran Road and has a total lease area of 1.7 million sq ft. It accommodates one of the biggest multiplexes with 14 screens, comprising an Imax experience.

Lake Shore India鈥檚 subsidiary Salsette Developers is procuring the property from Sheth Developers & Realtors (India) that holds and runs Viviana Malls. Salsette Developers is financing the purchase with equity and debt, comprising non-convertible debentures (NCDs).

Salsette Developers raised Rs 450 crore by releasing NCDs on Tuesday, revealing the NSDL鈥檚 data on debt trade repository for foreign portfolio investors (FPI) investment in such instruments.

The mall is jointly held by the Ashwin Sheth Group with a 51% stake and a balance with GIC. The Singapore sovereign wealth fund had acquired a stake in this retail property from Sheth Group in early 2016 at a valuation of Rs 900 crore. Both entities have now sold their respective stakes to Lakeshore India.

Also read: Embassy Office REIT gets Rs 300 cr through NCD issue

In the biggest-ever deal for any retail asset in India, the Abu Dhabi Investment Authority-backed (ADIA) Lake Shore India Advisory has procured Viviana Mall in Thane from Singapore鈥檚 sovereign wealth fund Guaranteed Investment Certificate (GIC) and realty developer Ashwin Sheth Group for more than Rs 1,900 crore. The procurement of the operational retail property is additionally this year鈥檚 first single-largest real estate deal in the nation. In June, Lake Shore India Advisory was in advanced talks to acquire this 2-million-sq-ft retail mall. The agreement assumes importance as it indicates global investors鈥� unabated interest in Indian mall developments and confidence that retail consumption will rebound once the Covid-19 pandemic is over. Viviana Mall occupies a 13-acre plot of land in Thane's Pokhran Road and has a total lease area of 1.7 million sq ft. It accommodates one of the biggest multiplexes with 14 screens, comprising an Imax experience. Lake Shore India鈥檚 subsidiary Salsette Developers is procuring the property from Sheth Developers & Realtors (India) that holds and runs Viviana Malls. Salsette Developers is financing the purchase with equity and debt, comprising non-convertible debentures (NCDs). Salsette Developers raised Rs 450 crore by releasing NCDs on Tuesday, revealing the NSDL鈥檚 data on debt trade repository for foreign portfolio investors (FPI) investment in such instruments. The mall is jointly held by the Ashwin Sheth Group with a 51% stake and a balance with GIC. The Singapore sovereign wealth fund had acquired a stake in this retail property from Sheth Group in early 2016 at a valuation of Rs 900 crore. Both entities have now sold their respective stakes to Lakeshore India. Image Source Also read: Embassy Office REIT gets Rs 300 cr through NCD issue

Infrastructure Urban

16 May 2025

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Infrastructure Urban

16 May 2025

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Infrastructure Urban

16 May 2025

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..