Runwal acquires full ownership of R CITY Mall

Leading real estate developer Runwal has announced that it has acquired full ownership of R CITY Mall in Mumbai. 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, according to the company statement.

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, the statement adds.

On the acquisition, Sandeep Runwal – Managing Director, Runwal Developers, said, “We are 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.”