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The Abu Dhabi Investment Authority-backed Lake Shore has raised more than 12 billion Indian rupees ($143 million) from HSBC Commercial Banking through a green loan for its retail property Viviana Mall in Mumbai’s district of Thane.
Lake Shore Group raised the fund through its subsidiary Salsette Developers, which owns the mall, Indian daily Economic Times reported, citing people familiar with the development.
HSBC Commercial Banking has provided the capital used to refinance the existing lenders and provide liquidity, the news report said, calling the loan the first such sustainability-linked fundraising undertaken for a retail property in India.
In February 2022, ADIA-backed Lake Shore India Advisory acquired Viviana Mall from Singapore's sovereign wealth fund GIC and realty developer Ashwin Sheth Group through its subsidiary for more than INR 19 billion in the largest transaction for a single retail asset in India at the time.
ADIA has been making moves in the retail space in India this past week, with the UAE sovereign investor named the lead investor in Purplle’s Series F funding round, which raised INR 15 billion.
The omnichannel beauty platform was not the only Indian company that caught ADIA’s attention this week, with the wealth fund also named an anchor investor in Hyundai Motor India’s IPO, which is set to raise $3.3 billion.
(Writing by Bindu Rai, editing by Brinda Darasha)
