Acacia Real Estate has acquired a twenty-six percent stake in a retail development mall in India. The retail mall in Delhi was acquired through a joint venture with Anant Raj Group. Anant Raj group is a publicly listed company with a market capitalization of 1.2 billion dollars.
The project is expected to generate a return on equity for investors of eighty-three percent over 3.5 year holding period.
TAIB Bank has been appointed as the exclusive placement agent for the project.
The two hundred twenty million dollars’ retail mall development will consist of six lacs square feet of retail space upon completion.
The mall will be managed by Sandalwood, a JV company of Jones Lang LaSalle and Colonial First State Property Management, an Australian retail management firm.
The joint venture partners are in currently in advanced discussions with the potential anchor tenant of the mall.