Xander invests $600m in real estate platform
Emerging markets private equity firm Xander Group has channeled a $600 million investment into Indian retail real estate asset platform Virtuous Retail.
Virtuous is developing a portfolio of retail, lifestyle and community centers across India, and the new capital will allow it to finance the development of these projects in cities including Bengaluru, Mumbai, Pune and Kolkata. Its Suraj project was launched this month, and represents the largest FDI project in the retail real estate sector in Gujarat.
"VR Surat [the company's flagship retail center] is the first and only master retailer format in India," said Mike Jones, head of Retail Management at Virtuous. "It is not just owning the property and managing the assets, its managing people, retailers and customers. In the end, it's about delivering an international product to the consumers."
Virtuous Marketing Director Anupam Yog told the hindustantimes that it has a network of at least eight centers under various stages of development
Xander invests primarily in companies that operate in the infrastructure, hospitality, entertainment, retail and real estate sectors.
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