North Country Mall, one of the biggest and the largest mall located on the Chandigarh Kharar Road has been sold for Rs. 700 crore. The famous North Country Mall has been acquired by VRSA (Virtuous Retail South Asia), a company based in Singapore.
Virtuous Retail South Asia, the Singapore company that bought North Country Mall is a developer-cum-operator of lifestyle shopping malls. The deal for NCM, Mohali was struck for Rs. 700 crore. The North Country Mall had opened four years ago in the year 2013 and VRSA bought the mall from Sun Apollo-Gumberg on 02nd May, 2017.
North Country Mall, Mohali Sold To Singapore’s VRSA
Virtuous Retail South Asia has made their presence in North India by acquiring North Country Mall located on the Chandigarh Kharar road. They already have two community-centric centres in India namely – VR Bangalore and VR Surat. North Country Mall was sold for Rs. 700 crore which also includes paying the debt that the mall had on its head for construction and other things.
North Country Mall is spread over 22 acres of land.
Know More About The Singapore Based Company
The board chairman of VRSA, a Singapore-based company said that the expanding strategy of ground up development and the existing assets they have are going nationwide at a rapid pace. He also said that their mall in Chennai will start operating in late 2017. The retail portfolio of VRSA India is at 5.5 million sq ft.
The executive managing director of VRSA said that VRSA has acquired North Country Mall and VR Chennai which as a result would help the retailers with two new retail developments of scale in the big cities of India.
The North Country Mall has a leasable area of 1 million sq ft. The Mall also has a lot of popular, renowned national and international brands like Zara, H&M, Marks & Spencer, The Body Shop, Swarovski, Casio, Lifestyle, Westside, AND, Bata, Blackberrys, Color Plus, Clarks, Da Milano, Converse, Hidesign, Jack & Jones and a lot more.
Virtuous Retail South Asia, the company that bought NCM in Mohali also plans to re-brand North Country Mall as a VR flagship centre. Let’s see what happens next!
Source: Hindustan Times
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