ADIA-backed Lake Shore gets over ₹1.2k-cr green loan for Thane Mall
Abu Dhabi Investment Authority (ADIA)-backed institutional investor Lake Shore has raised over ₹1,200 crore from HSBC Commercial Banking through a sustainability-linked loan for its retail property Viviana Mall in Thane, said persons with direct knowledge of the development.
This is the first such fundraising linked to sustainability efforts undertaken for any retail property in the country and among the maiden real estate financing loans availed by any institutional investor in India.
The integrated institutional investor has raised the funds through Lake Shore Group entity Salsette Developers that owns the retail property in Thane. HSBC Commercial Banking has provided the loan that was used to refinance the existing lenders and provide liquidity to the company.
In 2022, in the largest ever transaction for any single retail asset in India, it had acquired this nearly 2-million-square-feet operational property from Singapore's sovereign wealth fund GIC and realty developer Ashwin Sheth Group for over ₹1,900 crore.
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