The acquisition involved the purchase of 50% of shares from Government of Singapore Investment Corporation, that has been Runwal’s joint Venture partner for over 17 years
Mumbai: Real estate developer Runwal has acquired full ownership of the R City Mall, located at Ghatkopar in Mumbai, the company announced in a release on Friday. The acquisition involved the purchase of 50% of shares from their Joint Venture partner of over 17 years, GIC (Government of Singapore Investment Corporation).
Runwal’s acquisition of R City Mall makes it one of the largest single acquisitions in the Indian retail industry, claimed the release. The move also marks a significant milestone, as GIC exits with over four times the returns on its principal investment. Runwal’s objective with this acquisition is to grow its annuity portfolio and become the largest retail player in Mumbai.
“We’re proud and humbled to be able to deliver such huge profits to our partners. and are excited to embark on the next chapter of complete ownership of R City mall,” Sandeep Runwal, managing director, Runwal, said on the acquisition.
In 2006, Runwal partnered with GIC for its flagship mall, R City, becoming one of the first few companies in the real estate industry to attract Foreign Direct Investment (FDI) through a joint venture The partnership began as a Greenfield project, with GIC making 50% of the investment.
Established in 1978, Runwal has been operating in the residential, commercial and organised retail verticals for over 4 decades. It has a track record of over 42 delivered projects and 24 ongoing projects.
R City Mall was launched at Ghatkopar in Mumbai in 2009. It extends across 1.2 million sq. ft. of retail space and houses over 300 Indian and international brands and 14 anchor brands across fashion, food, beverage and entertainment. It houses more than nine entertainment centres. The mall boasts a 24,000 sq. ft. courtyard for city-level events like musical gigs, stand-up performances, food fests and more. Spanning 72,000 sq. ft., it also has the first and only in-mall format of Ikea in India.
