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AZB, Khaitan lead on Warburg-Runwal $1 billion JV to build malls
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AZB, Khaitan lead on Warburg-Runwal $1 billion JV to build malls

Bar & Bench

In one of India’s biggest transactions to help build a property investment platform, private equity major Warburg Pincus has entered into a $1-billion alliance with developer Runwal Group to fund retail-led mixed-use projects across the country.

AZB & Partners acted for Warburg Pincus and the team was led by Partners Anil Kasturi, Niladri Maulik, Ashish Pareek, and Monika Bhonsale.

Khaitan & Co advised Runwal Group and the team was led by Partners Haigreve Khaitan and Deepak Jodhani.

Both partners, an affiliate of Warburg Pincus and Runwal, will commit $200 million each in the form of equity and will also raise additional $600 million of debt to create a total corpus of $1 billion.

The platform will invest in and develop prime shopping malls across tiers 1, 2, and 3 cities in India, locations that have sizeable populations and increasing disposable incomes, reported ET.