ADIA Backed Lake Shore India Advisory Inks Commercial Joint Development Deal in Gurugram, Haryana

ADIA Backed Lake Shore India Advisory Inks Commercial Joint Development Deal in Gurugram, Haryana

Lake Shore India Advisory, backed by the Abu Dhabi Investment Authority (ADIA), has entered into a Joint Venture with Reach Promoters to develop a retail project in Gurugram, Haryana.

Project Details:

• Investment: Up to Rs 1,400 crore (including construction funding)
• Location: Gurugram, Haryana
• Land Area: 13.5 acres
• Retail Space: 1.1 million sq ft (developed in two phases)
• Commercial Space: 4 lakh sq ft
• Timeline:
  • Phase I: Launch by end of 2019 (6 lakh sq ft)
  • Phase II: Completion in 4 years

Significance:

• Third investment in India for Lake Shore India Advisory.
• Majority stake ownership by Lake Shore India Advisory.
• Confirmed anchor tenants for Phase I include Lifestyle, Reliance Mart, and Cinepolis.

Background:

• Earlier in 2019, Lake Shore India Advisory acquired a majority stake in a Hyderabad retail mall project from the Phoenix Group for Rs 1,000 crore.

Overall, this joint venture signifies ADIA’s continued investment in Indian retail real estate. The project is expected to offer a mix of retail and commercial space in a prime Gurugram location.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in