FoxMandal Little has acted as legal advisor to US-based Vornado Realty Trust with respect to its recent 50:50 joint venture, worth approximately US$500 million, with Mukesh Ambani-led Reliance Industries. The deal between Vornado, one of the largest owners and managers of real estate in the United States, and Reliance aims to set up real estate development projects including malls and shopping centres in India.
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Amarchand Mangaldas acted for Reliance while FoxMandal, led by partner Sudish Sharma, advised Vornado on the finalization of the joint venture agreement along with ancillary documentation with respect to the joint venture company. FoxMandal also participated in extensive negotiations with lawyers of Reliance Industries regarding the structure and operations of the joint venture company as well as finalizing the closing requirements for the transaction.
The joint venture aims to acquire, develop and operate retail shopping centres, which may comprise more than a million square feet and will typically be anchored by a hypermarket owned and operated by Reliance. Reliance currently operates over 700 retail stores in India.
Vornado Realty Trust is an equity real estate investment trust. It has an aggregate investment in other India joint ventures of approximately US$91 million and capital commitments to these ventures of an additional US$92 million.
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