Blackstone acquires Kolkata's South City Mall for Rs 3,250 crore
Blackstone
has acquired
South City Mall
in Kolkata for a transaction value of Rs 3,250 crore.
South City Projects is a consortium of six Kolkata business families with over 25 years of collaborative real estate development experience.
Anarock was the transaction advisor in the deal.
Spread over one million square feet, the mall generates an average annual turnover of over Rs 1800 crore. It has the largest food court in this part of Kolkata, multi-storeyed parking capable of holding over 1250 cars simultaneously, and houses over 150 stores.
'South City Mall is a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata,' said Sushil Mohta, Chairman of Merlin Group and Director of South City Projects.
The mall daily visitors ranges between 55,000 and 60,000, surging to 75,000– 200,000 during weekends and festive seasons.
"This transaction showcases our ability to facilitate large-scale, complex deals and commitment to delivering comprehensive real estate advisory services for marquee assets,' said Soumendu Chatterjee, Regional Director - Land, ANAROCK Group.
'We have strengthened our presence in India. We will continue South City Group's work and positioning South City Mall for long-term success, benefiting from our scale, operational expertise, and deep experiences inthe
retail sector
, particularly in India where we own one of the largest retail portfolios,' said Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone.
South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008.
'South City Mall is an iconic development, and we're proud to partner with a world-leading firm like Blackstone,' said Prakash Bachhawat, Director – JB Group, who led the transaction process on behalf of South City Projects.
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