Virtuous Retail building Rs. 800-cr realty space in Delhi

Virtuous Retail, equally backed by Dutch pension fund manager APG Asset Management, will develop a premium retail facility in the heart of the national capital entailing an investment of Rs. 800 crore. It may be recalled that Virtuous Retail is a joint venture between Singapore-based Xander Group and the Dutch institutional investor and the player has recently purchased an ownership stake in North Delhi Metro Mall where it plans to add more retail space by investing the targeted funds. As a matter of fact, Virtuous Retail South Asia (VRSA) is expanding its footprint into New Delhi with such investments to build the retail centre spread across 12.3 acres. The project will be located in Civil Lines, which is near the Delhi University North Campus. Yes Securities, the investment banking arm of Yes Bank, reportedly helped the company in the first round of funding, said an industry insider.