The iconic landmark of Mohali (after Mohali Cricket Stadium), North Country Mall has been acquired by prime brand in shopping malls in South India, Virtuous Retail South Asia (VRSA), for a whopping Rs 700 crore! The acquisition for Rs 700 crore also includes paying down debt
The mall was earlier owned by Sun Apollo-Gumberg. With the acquisition, VRSA has established its presence in north India, adding to its existing portfolio of community-centric centres VR Surat and VR Bangalore.
“The acquisition is in line with the company’s rapid, nationwide, expansion strategy through both ground-up development and acquisition of existing, high-quality assets.Our mall in Chennai will also become operational in the fourth quarter of 2017,” VSRA board chairman Sid Yog said.
VRSA is reported to invest in rebranding the mall as a VR flagship center.
About North Country Mall
- Opened in May 2014, the NCM is spread over 22 acres and has 2 million-sq ft in area. It is one and a half times bigger than Elante Mall.
- It is located on the busy Mohali-Kharar National Highway-21 at Desumajra village, close to Kharar.
- It has 250 shops and over 10 anchor stores, offering 35 per cent international, national and regional brands. It also houses a banquet hall with a capacity of 2,000 persons. The parking area is enough for 3,000 four-wheelers in two basements, in addition to surface car parking.
- NCM boasts the tricity’s biggest nine-screen PVR multiplex, with a seating capacity of more than 1,800 people at a time, two screens at the mall are dedicated to “Gold Class”.
About Virtuous Retail South Asia VRSA
- Virtuous Retail South Asia VRSA is based in Singapore and its Indian operations are headquartered in Bengaluru.
- VRSA is a developer-operator of community-oriented premium Lifestyle Shopping Centers.
- It was established in 2007.
- Virtuous Retail’s pan-India portfolio includes prime city center locations in Bengaluru, Chennai and Surat.
- It’s portfolio includes Lifestyle Centres, Neighbourhood Shopping Centres and Luxury Retail.
- With NCM’s acquisition, VRSA’s India retail portfolio now stands at 5.5 million sq ft.
Source: Hindustan Times