APG and Xander Group are jointly establishing the $ 450 million net worth joint venture Virtuous Retail South Asia (VRSA), which focuses on Indian shopping centers. APG has a 77% stake and Xander Group 23%.
The joint venture commences with an investment of $ 300 million in and has committed to an additional investment of $ 150 million. Sachin Doshi, managing director & head of private real estate investments for Asia-pacific APG: "This is a milestone for the real estate sector in India, just as the market is turning. The number of large (inter)national brands in India is increasing or they are expanding. There is only a shortage of high quality shopping centers. " Sid Yog, founder of Xander and Virtious Retail: "By partnering with APG, just like us, an investor focused on the long term, we are taking a big step forward in the evolution of VR's India platform."
Here you can read the press release.