By Arosh John | Founder – John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief – Thane Real Estate News
Landmark Acquisition in Thane’s Retail Landscape
Thane’s flagship retail destination, Viviana Mall, has been acquired by Lake Shore India Advisory, a platform backed by the Abu Dhabi Investment Authority (ADIA), in a transaction valued at approximately ₹1,900 crore.
Following the acquisition, the property is being rebranded as “Lake Shore Thane.”
Spread across nearly 13 acres, the mall offers over one million square feet of leasable space, housing top national and international brands. Before the sale, the mall was jointly owned by GIC (Singapore’s Sovereign Wealth Fund) and the Ashwin Sheth Group, which developed and launched the mall in 2013.
Deal Structure & Financing
According to The Economic Times and Free Press Journal, Lake Shore India has secured a ₹1,200 crore sustainability-linked (green) loan from HSBC to refinance the acquisition and support modernization initiatives.
The transaction ranks among India’s largest retail real-estate deals, highlighting strong investor confidence in income-generating retail assets and the growth potential of suburban consumption hubs like Thane.
Why This Acquisition Matters
1. Institutional Capital in Thane
This acquisition positions Thane alongside Mumbai, Pune, and Bengaluru as a preferred destination for institutional-grade real estate investment. ADIA’s participation underscores the city’s growing importance in India’s retail and commercial growth narrative.
2. Retail Rejuvenation & Rebranding
The shift from Viviana Mall to Lake Shore Thane represents more than a name change — it’s a strategic repositioning towards sustainability, digital retail experiences, and globally benchmarked operational standards.
3. Strategic Location Advantage
Strategically located on the Eastern Express Highway, opposite Jupiter Hospital, the mall enjoys high visibility and accessibility from catchment zones including Majiwada, Vasant Vihar, and Hiranandani Meadows.
Upcoming infrastructure projects such as Metro Line 4 (Wadala–Kasarvadavali) and the Thane–Borivali Twin Tunnel are expected to enhance footfall and long-term asset value further, painting a promising picture for Thane’s future development.
4. Benchmark for Retail Asset Valuation
At ₹1,900 crore, this deal establishes a new benchmark for stabilized, income-producing retail assets in the Mumbai Metropolitan Region (MMR). Analysts expect cap-rate compression as global funds increase allocation to Indian retail portfolios.
From Viviana to Lake Shore: A Decade in Transition
Launched in 2013 by Sheth Developers & Realtors (Ashwin Sheth Group), Viviana Mall quickly became a destination hub known for its IMAX multiplex, curated retail mix, and India’s first inclusive shopping environment for the visually impaired.
For many Thanekars, Viviana has been more than a mall — it has been a part of the city’s modern identity.
Lake Shore India’s acquisition aims to preserve this legacy while introducing global practices, sustainability-focused upgrades, and enhanced tenant experiences.
Industry and Market Reactions
Industry experts view this as a confidence-boosting signal for India’s retail and commercial property segments, reinforcing optimism about the future of Thane’s real estate market.
Retail consultants anticipate that this transaction will prompt other developers and mall operators in Thane to revamp infrastructure, reevaluate leasing models, and enhance consumer experiences to remain competitive.
Impact on Thane’s Real Estate Ecosystem
For Thane, this acquisition represents global validation of its urban and economic trajectory, instilling a sense of pride in the city’s development.
Such institutional deals typically trigger ripple effects across adjacent sectors:
- Retail leasing: renewed interest from high-performing brands and F&B operators
- Residential absorption: appreciation in surrounding micro-markets
- Commercial activity: improved investor sentiment and capital inflows
As Thane continues to evolve into a self-sustaining metropolitan hub, the Lake Shore acquisition reinforces its status as a premium investment and lifestyle destination within MMR.
What’s Next
During the transition period, existing tenant operations and lease structures are expected to continue unchanged.
Lake Shore India is likely to announce refurbishment plans and new marketing initiatives in phases — focusing on sustainability, design enhancements, and improved customer engagement.
Thane Real Estate News will continue to track verified updates on management, capital investments, and expansion plans related to this landmark transaction.
About the Author
Arosh John is a Thane-based real estate consultant and the founder of John Real Estate (MahaRERA Reg. No. A51700001835). With over a decade of experience in Thane’s property market, he is known for providing transparent advice, market expertise, and ground-level insights into emerging real-estate trends. As the Editor-in-Chief of Thane Real Estate News (TREN), Arosh drives fact-based real estate journalism, decoding developments, investments, and infrastructure shaping Thane and the wider MMR region.
Disclaimer
This article is based on verified information from The Economic Times, Free Press Journal, and VivianaMall.com. It is intended solely for informational purposes. Readers should independently verify financial details and consult qualified professionals before making investment decisions.
