BWI: Virtuous Retail commits USD 600 million for a pan India Retail Portfolio

Press release from Business Wire India
Source: Virtuous Retail
Tuesday, May 22, 2012 05:16 PM IST (11:46 AM GMT)
Editors: General: Consumer interest, Fashion, Lifestyle, People; Business: Advertising, PR & marketing, Business services, Clothing & accessories, Major diversified industrial groups, Real estate, Retailers
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Virtuous Retail commits USD 600 million for a pan India Retail Portfolio
Announces the launch of VR Surat, the largest FDI project in the retail real estate sector in Gujarat

Mumbai, Maharashtra, India, Tuesday, May 22, 2012 -- (Business Wire India) -- Virtuous Retail, a retail real estate platform and India's first and only 'Master Retailer' announced the launch of its flagship retail centre VR Surat at a gala event held at The Courtyard at 51 Buckingham Gate, London on Friday May 18. VR Surat is the first retail lifestyle destination amongst a series of retail developments under the VR umbrella that are coming up in India's top cities including Bengaluru, Mumbai, Pune and Kolkata. With .6 MM sq. ft of built-up area, the centre will be the region's first contemporary and international standard community destination making it Surat's largest lifestyle offering.

While speaking on the occasion, Mike Jones, Head of Retail Management, Virtuous Retail said, "VR Surat is the first and only master retailer format in India. Is not just owning the property and managing the assets, its managing people, retailers and customers. In the end, it's about delivering an international product to the consumers, ensuring that they have a fantastic experience whether they're shopping, eating or here just for an event."

Surat's largest shopping destination is three storeys high, with 20,000 sq. ft covered atrium area and 45,000 sq ft open area that can accommodate over 1800 people. The mall has 11 anchor stores, 2 midsized units and 78 inline stores. Some of the leading international and domestic brands who have confirmed their presence are Guess, Only, Accessorize, Calvin Klein Jeans, Vero Moda, Esprit, Nautica, Westside, Allen Solly, Jack & Jones, Reliance Digital and Shoppers Stop.

"Surat is one of the most prominent and progressive business centres in India. Given the vibrancy and the fashion-forward mindset of the consumers here, the launch of French Connection's first exclusive brand store in the city at VR Surat, will truly offer a world class shopping experience and create a strong connect with those who resonate with the brand in being edgy, stylish and discerning" said Manish Kapoor, COO, French Connection (India).

Commenting on the brand launch, Govind Shrikhande, Managing Director, Shoppers Stop said, "One of the first things that attracted us to the centre was its name, "VR Surat". The name connects the centre and the community closely and makes it a place of pride for the consumers. If communities have to be connected to a retail centre, one of the best places to do it is at VR centres. Shoppers Stop is happy to be a part of VR Surat and we believe that it is going to be one of the best centres in India."

VR Surat aims to serve as the 'heart of the community' as the region develops to its full potential. With this objective in mind VR has launched the ' Connecting CommunitiesTM' programme, an initiative that aims at transforming the city by creating new social hubs in partnership with the city's stakeholders. It not only affects the economy of the city but also helps in raising its profile and attracting footfalls from the surrounding region. Under this initiative, VR has adopted the 100-year old Surat Boat Race to celebrate the city's maritime heritage and to encourage tourism.

VR Surat will commence operation by Winter 2012.

About Virtuous Retail

Established in 2007, Virtuous Retail is a retail real estate asset platform and India's first and only 'Master Retailer'. Virtuous Retail is sponsored by The Xander Group Inc., with an initial commitment of USD 600 MM in equity. Virtuous Retail is developing a pan-India portfolio of retail, lifestyle and community centres.



CONTACT DETAILS
Shalini Siromani (UK Contact), Gutenberg Communications, +44 20 7470 8894, shalini@gutenbergpr,com
Shilpa Mathapati, Gutenberg Communications, +91 9167696945, shilpa@gutenbergpr.com
Virtuous Retail, corp_comm@virtuousretail.com

KEYWORDS
CONSUMER, FASHION, LIFESTYLE, PEOPLE, MARKETING, BUSINESS SERVICES, CLOTHING, GROUPS, REAL ESTATE, RETAIL

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