Shearman & Sterling, AZB & Partners and Allen & Gledhill have advised Indian real estate investment firm Xander Group on its $450 million joint venture with Dutch fund manager APG Strategic Real Estate Pool (APG), which was represented by Ashurst, J. Sagar Associates and Shook Lin & Bok. 

The joint venture company, Virtuous Retail South Asia, will invest in retail developments in India. So far, it has acquired a portfolio of three retail assets from a Xander-sponsored fund for $300 million, a deal touted as the largest in India’s retail real estate sector in recent years, according to media reports. 

APG and Xander have also committed an additional $150 million, which will be used to expand the investment portfolio of Virtuous Retail. 

The Shearman & Sterling team was led by partner Sidharth Bhasin. PwC advised on tax matters in this transaction.