Virtuous Retail
{{short description|Owner of shopping centres}}
{{Use dmy dates|date=December 2019}}
{{Use Indian English|date=December 2019}}
{{Infobox company
| name = Virtuous Retail
| type = Private company
| foundation = 2007
| location =
| key_people =
| industry = Retail
| products = Commercial offices
Shopping malls
Hotels
Hospitality
Retail
| owner =
| revenue =
| assets =
| homepage =
}}
Virtuous Retail South Asia (VRSA) owns and operates shopping centres across India in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh. Their centres are designed with a focus on integrating the historical and cultural heritage of the surrounding community into their architecture and programming. These centers typically feature a diverse range of food and beverage options, retail and community spaces, but their scope extends beyond mere shopping experiences...{{cite web |url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/virtuous-enters-delhi-real-estate-to-invest-up-to-rs-800-crore/articleshow/63834568.cms | title= Virtuous enters Delhi real estate | date= 19 April 2018|newspaper=Economic Times}}{{Cite web |last=Krishnan |first=Janaki |date=2024-01-16 |title=Dutch pension manager APG struggles to exit Virtuous Retail |url=https://www.thehindubusinessline.com/money-and-banking/dutch-pension-manager-apg-struggles-to-exit-virtuous-retail/article67745001.ece |access-date=2024-07-15 |website=BusinessLine |language=en}}{{Cite web |last=IN |first=FashionNetwork com |title=Virtuous Retail in talks to sell off India malls |url=https://in.fashionnetwork.com/news/Virtuous-retail-in-talks-to-sell-off-india-malls,1504537.html |access-date=2024-07-15 |website=FashionNetwork.com |language=en-IN}}{{cite web | url=https://www.youtube.com/watch?v=OhgR4ZjZsiM | title=Weekender with Siddharth Yog-Ep12-Pt1 | website=YouTube | date=July 2016 }}
History
Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India.{{Cite web |last=Krishnan |first=Janaki |date=2023-02-12 |title=Dutch pension fund APG Asset Management in talks to sell stake in Virtuous Retail |url=https://www.thehindubusinessline.com/companies/dutch-pension-fund-apg-asset-management-in-talks-to-sell-stake-in-virtuous-retail/article66499784.ece |access-date=2024-07-15 |website=BusinessLine |language=en}} In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%. The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.
Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.{{cite news|url= https://www.livemint.com/companies/news/virtuous-retail-acquires-three-malls-for-500-mn-1569341549820.html | title= Virtuous Retail acquires three malls for $500 mn | date= 24 September 2019|newspaper=Live Mint}}{{Cite news|last=Babar|first=Kailash|title=Xander's Virtuous Retail Buys 20-acre Raymond land parcel in Thane for over Rs 710 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/xanders-virtuous-retail-buys-20-acre-raymond-land-parcel-in-thane-for-over-rs-710-crore/articleshow/71499359.cms?from=mdr|access-date=2020-09-29}}{{Cite news |last=Haidar |first=Faizan |date=2023-04-17 |title=Virtuous Retail in talks to sell malls for about $500 million |url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/virtuous-retail-in-talks-to-sell-malls-for-about-500-million/articleshow/99306033.cms?t&utm_source=perplexity&from=mdr |access-date=2024-07-15 |work=The Economic Times |issn=0013-0389}}