Vivacity Mall raises Rs 450 crore from Indiabulls Finance

MUMBAI: Sheth Developers and Realtors India-promoted Vivacity Mall has raised debt worth Rs. 450 crore from Indiabulls Finance with total tenure of the loan is 10 years. The funds will be used for the repayment of its existing debt and towards the completion of the mall spread over 1 million sq ft in Thane, the company said in a release.

Vivacity has already completed leasing of the mall's retail space to a mix of international and domestic brands before commencement of operations. The mall also has more than thirty brands in the waiting list, the release said.

"The support extended by Indiabulls reiterates our strong business fundamentals and robustness of Vivacity's revenue model," said Ashwin Sheth, MD - Sheth Developers.

Vivacity is strategically located to cater to the catchments area of Thane, Mulund, Powai, Ghatkopar and other central suburbs of Mumbai. Encompassing over 241 stores, Vivacity covers three floors of prime retail and leisure space. The mall will also host Shoppers Stop, Lifestyle, Hypercity, Pantaloons, Max, Homecenter, Globus, Zara and Marks & Spencer as its anchor tenants, a family entertainment centre and a 14 screen multiplex - Cinepolis.