Runwal Acquires GIC's Entire 50 percent stake in R City Mall Ghatkopar West, Mumbai

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  • 6th May 2023
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Runwal Acquires GIC's Entire 50 percent stake in R City Mall Ghatkopar West, Mumbai
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Runwal Acquires GIC's Entire 50 percent stake in R City Mall 

Ghatkopar, Mumbai:

Runwal has purchased Singapore's sovereign wealth fund GIC's entire 50% stake in their joint retail property R City Mall for approximately Rs 1,000 crore to gain full control of the asset in Mumbai's Ghatkopar suburb, according to real estate sources in Mumbai.

GIC exits with over fourfold returns; transaction is among the greatest single retail property acquisitions.

This transaction represents one of the greatest property acquisitions in the Indian retail sector.

The transaction signifies GIC's exit with returns in excess of fourfold, while valuing the 1,200,000-square-foot retail asset at over Rs 2,000 crore. 

GIC has received additional returns from rental income since 2009, when the mall began operations.

This was one of the first Foreign Direct Investments (FDI) in the Indian real estate sector, as Runwal partnered with GIC for its flagship mall R City in 2006. The partnership began as a Greenfield initiative, with GIC contributing over Rs 250 crore for a 50 percent stake in the joint entity.


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