Veritas\u00a0Legal\u00a0is advising Inorbit Malls on this acquisition. The Firm advised on due diligence, structuring, negotiation and drafting of the transaction documents.<\/p>\n
Abhijit\u00a0Joshi\u00a0(Founding and Manging Partner) and\u00a0Kunal\u00a0Doshi\u00a0(Senior Partner) \u00a0provided their strategic inputs and overall guidance on the deal.<\/p>\n
The transaction team was led by\u00a0Rustam\u00a0Mulla\u00a0(Senior Partner) and\u00a0Sneha\u00a0Nagvekar\u00a0(Partner), with support from Parshva Doshi (Principal Associate), Aryan Mehta (Associate) and Ishan Mhapsekar (Associate).<\/p>\n
Naznin Fakih (Counsel), Ashwin Mehta (Principal Associate) and Clarissa D\u2019Lima (Associate) advised on Real Estate aspects.<\/p>\n
Akriti Gupta (Senior Associate), Associates Aryan Mehta, Afrrin Advani, Vidhi Basrani and Ishan Mhapsekar worked on the due diligence.<\/p>\n
This acquisition follows a major strategic consolidation of equity stakes by Prozone, wherein Alliance and Empire were brought under Kruti, a wholly owned subsidiary of Prozone. Alliance owns and operates a shopping mall covering 500,000 square feet of retail space in Coimbatore (\u201cCoimbatore Mall\u201d). Empire owns and operates a shopping mall covering 600,000 square feet of retail space in Chhatrapati Sambhajinagar (formerly known as Aurangabad) (\u201cAurangabad Mall\u201d). Kruti is a wholly owned subsidiary of Prozone Realty Limited that owns shares in Alliance and Empire.<\/p>\n
The acquisition of the Mall Assets will add approximately to 1.1 million square feet in the Inorbit Malls\u2019 portfolio, which operates multiple malls with over 3 million square feet spread across Mumbai, Hubballi, Vadodara, Visakhapatnam and Hyderabad.<\/p>\n