Warbug-Runwal unveils $200-mn retail investment plan
Close on the heels of investing over $1-billion in Indian malls by US private equity (PE) firm Blackstone, another global PE player Warbug Pincus has indicated plans to pump a similar amount in malls together with its partner the Runwal group based in Mumbai. Warbug and Runwal will inject $200 million each in the form of equity and hold 50 percent stake each. They plan to invest about $1 billion for developing malls across Tier-I, II and III cities in the country. Warburg Pincus has partnerships in the mall space in China, Vietnam and Indonesia, with entities such as Red Star Macalline, Vincom Retail, and NWP Retail. This is the first such JV for the PE firm in India. Banking on rising consumption and India's large middle class, the likes of Blackstone have bet big on malls in India. Blackstone has bought nine malls in Mumbai, Pune, Chandigarh, Indore, Bhubaneswar, and Amritsar in the last three years and has a portfolio of 5.4 million square feet. In the recent past, Canada‘s CPPIB also formed a partnership with Phoenix Mills to invest and develop malls and has put in about Rs 1,600 crore into the venture.
📅Published on:
22 May 2019
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