If talks are successful, Shipra will be the latest addition to Lake Shore’s portfolio after the ADIA-backed company snapped up Viviana Mall in Thane from Singapore’s sovereign wealth fund GIC and realty developer Ashwin Sheth Group
New Delhi: Abu Dhabi Investment Authority (ADIA)-backed Lake Shore India is in talks with New Delhi-based Trident Realty to acquire Shipra Mall in Indirapuram in Delhi-NCR, two people familiar with the development said.
One of the persons said Lake Shore has been in talks with Trident for months. The other person said Trident has to resolve some internal “issues” before Lake Shore could move ahead with the deal.
Ashwin Puri, managing director of Lake Shore India Management declined to comment. Parvinder Singh, c,
Lake Shore is a Mumbai-based company that develops, operates, and owns retail-led mixed-use projects in major cities across India.
In 2019, Lake Shore acquired a controlling stake in a Hyderabad retail project from the city-based Phoenix Group for around Rs 1,000 crore. Then in 2022, the ADIA-backed company had snapped up Viviana Mall in Thane from Singapore’s Sovereign Wealth Fund GIC and realty developer Ashwin Sheth Group for over Rs 1,900 crore.
If talks are successful, Shipra will be the latest addition to Lake Shore’s portfolio.
In May 2023, Trident Realty acquired the 4.5 lakh sq. ft. mall in Indirapuram, Ghaziabad from Indiabulls Housing Finance Ltd. and Edelweiss Asset Reconstruction Company Ltd. (EARC) for Rs 551 crore through an auction process, according to reports.
Lender Indiabulls and EARC had decided to auction the shopping centre as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) in a bid to recover their dues from Noida-based Shipra group.
The mall houses several leading national and international brands including Marks & Spencer, Starbucks, Lotus, Wonderchef, Bluestone, Reliance Jewels, Max, Orra, Zodiac, W, Shoppers Stop, Sleepwell, VIP World, Senco, Aarke by Ritu Kumar, Reliance Trends, Bread Talk, Punjab Grill, Van Heusen, John Jacobs and Levi’s.
