Lake Shore Thane Secures INR 1,200 Crore Sustainability Loan for Viviana Mall

Abu Dhabi Investment Authority (ADIA)-backed institutional investor Lake Shore has successfully raised over INR 1,200 crore through a sustainability-linked loan from HSBC Commercial Banking. The funding is earmarked for Viviana Mall, a prominent retail property in Thane, owned by Lake Shore Group's entity, Salsette Developers.

HSBC Commercial Banking Drives Financial Support

The funding, provided by HSBC Commercial Banking, is set to refinance existing lenders and provide liquidity for future initiatives. Viviana Mall, one of Thane’s key retail hubs, is spread across 11.7 acres and spans three levels, hosting over 240 major domestic and international retailers, including Zara, H&M, Reliance Retail, M&S, and Shoppers Stop.

A Landmark Acquisition in 2022

In a historic deal in 2022, Lake Shore acquired the nearly two-million-square-foot Viviana Mall. This transaction, noted as the largest single retail asset acquisition in India, saw Lake Shore purchase the operational property from Singapore’s sovereign wealth fund GIC and realty developer Ashwin Sheth Group.

Focus on Sustainability and ESG Goals

The sustainability-linked loan ties the cost of capital to Lake Shore’s adherence to environmental, social, and governance (ESG) principles. Key focus areas include sourcing green energy and enhancing waste recycling efforts. This commitment underscores the group’s dedication to sustainability in its operations and management.

Highlights

• Institutional Backing: ADIA-backed Lake Shore secures INR 1,200 crore for Viviana Mall.
• Refinancing Initiative: Funds will refinance existing lenders and boost liquidity.
• Retail Hub: Viviana Mall houses 240+ retailers across three levels on 11.7 acres.
• Historic Deal: Acquired in 2022 from GIC and Ashwin Sheth Group in India’s largest single retail asset deal.
• Sustainability Drive: Linked loan tied to green energy sourcing and waste management improvements.

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