Ashurst acted as the lead counsel to Netherlands' largest pension fund manager APG Asset Management NV ("APG") in their US$175 million additional capital commitment to Virtuous Retail South Asia Pte. Ltd. ("VRSA"), India’s only institutionally backed retail platform.

The equity raise was preceded by the establishment of APG's US$450 million joint venture with leading emerging market investment firm The Xander Group Inc. ("Xander") in November 2016, on which Ashurst acted as the lead international counsel. The transaction included the establishment of the VRSA platform and concurrent US$300 million acquisition by VRSA of three shopping malls in India. The joint venture and the initial acquisition of Indian retail assets in November 2016 was the largest single retail real estate deal in India. The additional commitment of APG, as a founding and majority shareholder, to VRSA in November 2017 will augment the existing investment capacity of the company and position it to achieve future growth.

Dean Moroz, Asia head of private investment funds, commented,

"We are delighted by the success that the joint venture has experienced, and further inroads the Virtuous Retail brand has made in the Indian retail landscape, over the year since the original investment platform was formed. As with their original investment, APG's additional equity investment in VRSA underscores their commitment to innovation and market leadership in managing pension capital, with a view to generating returns to fund the retirement of many hard-working citizens of the Netherlands. It is gratifying to be able to continue to support APG on their majority interest in VRSA."

The Ashurst team was led by Dean Moroz (Hong Kong), assisted by senior associates Derek Leung (Hong Kong) and Jonathan Scott (Sydney).