Runwal buys out JV partner GIC's 50% stake in Mumbai mall for about Rs 1000cr

New Delhi: Realty firm Runwal has acquired a 50 per cent stake from its joint venture partner GIC in its 12 lakh square feet shopping mall in Mumbai for an estimated Rs 1,000 crore and will now take full control of the retail asset.

Runwal has acquired full ownership of the 'R CITY' mall. The acquisition involved the purchase of 50 per cent of shares from the joint venture partner of over 17 years GIC, which is a sovereign wealth fund of Singapore, the realty firm said in a statement.

GIC has exited the mall with over four-time returns on its principal investment. "Runwal’s objective with this acquisition is to grow their annuity portfolio and become the largest retail player in Mumbai," the statement said.

The company did not disclose the deal value.

Sources said the company has bought a 50 per cent stake for around Rs 1,000 crore.

In 2006, Runwal Developers partnered with GIC for R CITY Mall located in Ghatkopar West. Sources said the GIC had invested nearly Rs 300 crore in this retail project. It also earned a significant amount of rental income from this mall apart.

Sandeep Runwal – Managing Director, Runwal Developers, said, the company has been able to deliver huge profits to its partner.

"We are excited to embark on the next chapter of complete ownership of R CITY mall. We strive really hard to give immense value back to our customers and it is our endeavour to give them the best experience and returns," he said.

Established in 1978, Runwal is one of Mumbai’s leading real estate developers, operating in the residential, commercial and organised retail verticals for over 4 decades. It has a track record of 42-plus delivered projects and 24 ongoing projects.

Runwal has four shopping malls in its portfolio.