Indian mall advisory company Beyond Squarefeet has acquired retail asset management firm Ideas Consultancy and Advisory.
Surjit Rajpurohit, head of Ideas Consultancy and Advisory, said that it was imperative to look for like-minded partners having an appetite for growth. Rajpurohit will now head the mall and asset management business of Beyond Squarefeet.
“Our vision is to convert this venture into the best professional mall management company, with a lot of value add to the mall developers, which is currently lacking in the market,” said Rajpurohit.
Ideas Consultancy and Advisory provides services in retail development advisory, research and consultancy, capital markets, land acquisition, leasing and management across South Asia. Its portfolio includes City Emporium (Chandigarh), Moments mall (Delhi), Jamuna Future Park (Dhaka), Regent mall (Surat) and City mall (Lucknow).
Beyond Squarefeet manages and operates malls in India including Neptune Magnet Mall (Mumbai), Lonavala Square (Mumbai), Gokulam Galleria (Kerala), LULU International Shopping Mall (Kerala), K10 Mall (Jalna), K Mall (Kerala), CG Malls and CG Retail across Nepal and Omaxe Connaught Place in Greater Noida.
“Our strengths and learnings as entrepreneurs and professionals with over 20 years of experience in the mall industry will help us and the mall developers to enhance their asset values, which would be backed by practical know-how of the industry,” said Susil Dungarwal, chief mall mechanic, Beyond Squarefeet.
The merger will focus on long-term goals of the mall developers by increasing per square feet revenues, assisting them on constant footfalls, partnering with tenants, enhancing non-lease income, ROIs, and others.