ADIA-backed Entity Acquires Thane’s Viviana Mall for Rs 1,900 Crore

Lake Shore India Advisory, backed by the Abu Dhabi Investment Authority (ADIA), has acquired Viviana Mall in Thane for Rs 1,900 crore, according to sources familiar with the development. The property was jointly owned by Singapore’s sovereign wealth fund GIC and Mumbai-based real estate developer Ashwin Sheth Group.

Ashwin Sheth Group held a 51 per cent stake in the mall, while GIC owned the remaining 49 per cent. GIC had initially invested in the asset in 2016 at a valuation of Rs 900 crore. Following the acquisition, the mall will be rebranded as “Lake Shore,” confirmed Ashwin Sheth Group in response to queries.

ADIA is a sovereign wealth fund that manages investments on behalf of the Government of Abu Dhabi. Lake Shore India Advisory invests in, develops, and operates large-scale retail destinations across India. This deal marks one of the largest transactions in India’s retail real estate sector.

In June, American private equity firm Blackstone acquired South City Mall in Kolkata for Rs 3,250 crore. Prior to that, Blackstone, through Nexus Select Trust—the country’s only retail real estate investment trust (Reit)—acquired Citywalk Mall in Delhi’s Saket for Rs 6,200 crore, making it India’s most expensive mall deal to date.

According to Knight Frank, after a prolonged lull of over two years, India’s retail real estate sector recorded private equity inflows of $481 million in the first half of 2025 (H1 2025). The growth was driven by two major deals, including a stabilised mall acquisition in South India by a listed Reit and another institutional buyout in an eastern metro, reflecting renewed investor confidence in operational retail assets.

Since 2011, the sector has attracted over $4.4 billion across 33 recorded transactions. While metros such as Mumbai, Bengaluru, Pune, and Chandigarh continue to dominate the investment landscape, recent deals indicate a gradual expansion of investor interest toward emerging consumption hubs, although activity outside the core cities remains limited.

Meanwhile, India’s retail sector is witnessing rapid expansion as domestic and foreign retailers scale up their presence in major markets. In H1 2025, the top seven cities collectively recorded 5.7 million square feet (msf) of retail space absorption, a 69 per cent year-on-year (YoY) growth, according to JLL.