After Elante mall, another mall is on the verge to be sold out in Chandigarh. The owners of the North Country Mall, Mohali are in talks with some of the big names to sell the property. The million square feet of the property is up for sale by its owners in Chandigarh and they are in talking terms with companies for the sale of the mall.
The deal is expected to be closed in a couple of months, after which the North Country mall will be owned by new management.
NCM Mall, Mohali – Current Owners
North Country mall located on Chandigarh – Kharar road is currently owned by US-based global real estate developer-cum-investor, JJ Gumberg and a private equity fund Sun Apollo, which has now being renamed as Lapis India Capital. Both the companies have 50:50 shares in North Country Mall, (Kharar), Mohali.
Who’s Buying North Country Mall?
Stretched in million square feet, North Country mall was one of the biggest projects in tricity. After the owners have decided to sell the property, many big companies are coming forward to buy North Country mall. The companies who have showed their interest to own this property are already big investors in the field of real estate. These include:
- Blackstone (World’s biggest alternative asset manager).
- Pheonix Mills (Largest mall owner in India).
- Virtuous Retail South Asia (A joint venture of private equity entity Xander and Dutch pension fund APG).
All the interested to buy North Country mall, Kharar, Mohali and own a mall near Chandigarh. These companies already own many malls in metro cities of the country like Mumbai, Delhi, Bengaluru.
And the cost: Deal of NCM Mall
JJ Gumberg and Sun Apollo has valued North Country Mall at a whopping cost of Rs. 700 crore. It has been mentioned that whosoever will buy the property will also be liable to take over the debt of the asset of Rs. 450 crore. It has also been expected that if this deal gets closed, then it will be the biggest retail deal of the region for this year.
Till now no confirmation has come from any of the potential investors but it has been sure that the current owners are taking off their investment from the mall in Chandigarh.
Tell us if you are interested in buying North Country Mall.
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