X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MUMBAI, INDIA-Vornado Realty Trust and Reliance Industries Limited are each spending up to $250 million to buy and develop shopping centers throughout India. The centers, between 500,000 sf and one-million sf, will count Reliance-owned and operated hypermarts as anchors.

Reliance, based here, operates more than 700 retail stores throughout India. Under its Reliance Retail Limited division, the firm has stores in virtually every sector of the industry, including supermarkets, electronics, apparel and books and music.

Earlier this week management announced a deal to bring London-based toy chain Hamleys to India, opening stores in major cities throughout the country, starting next year. The company has also entered a joint venture with Office Depot to enter India.

New York City-based Vornado owns 176 retail properties across the country totaling nearly 22-million sf. The firm also owns a one-third stake in the Toys “R” Us chain.

Vornado President Michael Fascitelli had said in June last year that the company was looking at entering India’s retail market at some point.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.