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PE firm Blackstone acquires Kolkata's South City Mall for ₹3,250 crore
American private equity firm Blackstone has acquired South City Mall in Kolkata for a transaction value of Rs 3,250 crore, marking the city's largest real estate deal to date.
Spread over one million square feet, the mall features an array of brands – from Zara, to Tommy Hilfiger, Armani, Calvin Klein, The Collective, United Colours of Benetton, Adidas, PUMA, MAC, Skechers, et al. It has an expansive food and beverage footprint with 10 restaurants. And the 1,400-seater food court is touted to be the largest in the region.
The mall generates an annual turnover of Rs 1,800 crore.
Asheesh Mohta, head of real estate acquisitions - India, Blackstone, said, South City Mall is a place where the community comes together – it's the definitive destination in Kolkata for shopping, dining, leisure, and entertainment.
'We are committed to continuing South City Group's wonderful work and positioning South City Mall for long-term success, benefiting from our scale, operational expertise, and deep experiences in the retail sector, particularly in India where we own one of the largest retail portfolios,' Mohta said in a statement.
Anarock said that the transaction is the largest real estate deal in Kolkata and largest deal in the mall space in eastern India. 'Kolkata's real estate market currently faces a supply constraint in Grade-A malls, with most leases happening on main streets.'
Soumendu Chatterjee, regional director – land, Anarock Group, said, 'The mall has a very high footfall – daily visitors range between 55,000 and 60,000, surging to 75,000-200,000 during weekends and festive seasons.'
Launched in 2008, the South City Mall was developed by six Kolkata business families – Emami Group, Merlin Group, Park Chambers Group, Shrachi Group, Jugal Kishore Khetawat, and Rajendra Kumar Bachhawat.
Sushil Mohta, chairman of Merlin Group and director of South City Projects Ltd, said, the transaction represents more than an acquisition – it's a vote of confidence in eastern India's retail ecosystem.
Earlier, Blackstone, through Nexus Select Trust -- the only retail real estate investment trust in India, acquired Citywalk mall in Delhi's Saket for Rs 6,200 crore in the country's most expensive mall deal.
In 2020, Blackstone acquired the mall business of Bengaluru-based Prestige Estates Projects for USD 1,237 million.
The consortium, he said, had collaborated successfully for over 25 years. 'It is a case study in sustained partnership and shared vision.'
As part of a combined transaction, Blackstone has also acquired unsold inventories in the Sri Lankan residential project Altair from the South City Group, taking the total deal size to Rs 3,400 crore.
Prakash Bachawat, a key stakeholder in South City Projects, said the investment would undoubtedly accelerate the growth trajectory of both assets while maintaining their premium market positioning.
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