Private Equity

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Runwal Group buys out GIC's 50% stake in Mumbai's R City Mall for Rs.1,000-Cr

Economic Times  

Realty firm Runwal Group has bought out Singapore's sovereign wealth fund GIC's entire 50% stake in their joint retail property R City Mall for around INR 1,000 crore and get complete control of the asset in Mumbai's Ghatkopar suburb. The deal marks GIC's exit with returns of over four times while valuing the 1.2 million sq ft retail asset at over INR 2,000 crore. GIC also received additional returns through rental revenues since 2009, when the mall started its operations. R City is one of Mumbai's biggest shopping and leisure destinations with over 300 Indian and International brands across fashion, food, beverage, and entertainment. It has been operational for over 13 years. In 2006, Runwal had partnered GIC for R City in one of the first Foreign Direct Investment (FDI) projects in the Indian real estate sector. The partnership started as a Greenfield project, with GIC infusing funds worth over INR 250 crore for the 50% stake in the joint entity.