From a 50-50 partnership, GIC makes a celebratory exit with Runwal
Mumbai, 5th May 2023: Leading real estate developer Runwal has acquired full ownership of the R CITY Mall, one of Mumbai’s biggest shopping and leisure destinations. The acquisition involved the purchase of 50% of shares from their Joint Venture partner of over 17 years, GIC (Government of Singapore Investment Corporation). Runwal’s acquisition of R CITY Mall makes it one of the largest single acquisitions in the Indian retail industry. The move also marks a significant milestone, as GIC exits with over four times returns on their principal investment. Runwal’s objective with this acquisition is to grow their annuity portfolio and become the largest retail player in Mumbai.
In 2006, Runwal Developers partnered with GIC, as one of the first few companies in the real estate industry to attract Foreign Direct Investment (FDI) through their Joint Venture with GIC for their flagship mall, R CITY, located in Ghatkopar West. The partnership began as a Greenfield project, with GIC making 50% of the investment. This long-standing association proved to be especially advantageous as the mall began witnessing increased footfalls and sales, thus contributing to its exponential growth over the years. The retail development has since grown into an award-winning landmark, leading to Runwal’s acquiring the 50% share from GIC, giving them over 4 times the returns on their principal investment and concluding the dual-ownership arrangement.
On the acquisition, Mr Sandeep Runwal – Managing Director, Runwal Developers, said, “We’re proud and humbled to be able to deliver such huge profits to our partners. and 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. We look forward to repeating this time and again! Standing true to our value of being with you always.”
R CITY, one of Mumbai’s biggest shopping and leisure destinations, is now fully owned by Runwal. The mall extends across 1.2 million sq. ft. of retail space including a 24000 sq. ft. recreational courtyard. It is home to 300+ Indian and International brands across Fashion, Food, Beverage and Entertainment. Operational for over 13 years, it has undergone recent renovations to offer a premium shopping experience in line with international standards. The mall offers extraordinary experiences to its visitors, including musical performances, stand-up comedy shows, and food festivals. Furthermore, in an effort to achieve its sustainability goals, the mall recently collaborated with Tata Power to install eight EV chargers, including super-fast 60 KW charging points, throughout the premises.
About Runwal Developers
Established in 1978, Runwal is one of Mumbai’s premier real estate developers, operating in the residential, commercial and organised retail verticals for over 4 decades. With a robust track record of 42+ delivered projects and 24 ongoing projects. The developer boasts of over 35,000 thousand plus happy families, it has continuously driven to keep the ‘customer’ as a focal point in the designing, planning and construction of all its projects. Testimony of their legacy has been over 35+ awards won by the group in these years.
About R CITY Mall
Since 2009, R CITY, the flagship retail venture of Runwal Developers Pvt. Ltd. has been welcoming visitors as Mumbai’s biggest shopping and leisure destination. Nestled in the heart of the central suburbs, it extends across 1.2 million square feet of retail space and is home to 300+ Indian and International brands across Fashion, Food, Beverage and Entertainment. The mall boasts of a 24,000 sq. ft. courtyard – the perfect venue for city level events like musical gigs, stand-up performances, food fests and more. It’s also the largest recreation hub of the city with over 9 entertainment centres including India’s first and largest indoor theme park – Kidzania and various new age experiential brands in entertainment and leisure along with 14 anchor brands to give visitors a truly international shopping experience. R CITY also has the first and only in-mall format of IKEA which spans across 72,000 sq. ft. With a balanced offering of the best in shopping, entertainment and food, R CITY provides an engaging and unforgettable experience to its shoppers and visitors.
