&w=3840&q=100)
PE firm Blackstone acquires Kolkata's South City Mall for ₹3,250 crore
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
Apple leases 2.7 lakh sq ft office in Embassy Zenith, Bengaluru for 10 yrs
Apple India Private Limited has inked a lease agreement for a 2.7 lakh sq ft office space in Embassy Zenith, located on Sankey Road in the upscale Vasanth Nagar area of Bengaluru. The 10-year lease has a total rental outlay of Rs 1,010 crore. This will be Apple's second office in India's tech hub and could be its largest, housing more than 1,200 people, according to industry watchers. It may also become one of the largest single-tenant office leases in Bengaluru's commercial real estate market. According to lease documents from Propstack, the terms of the lease specify that Apple India will occupy the 5th to 13th floors of Embassy Zenith, covering a substantial carpet area of 196,179 sq ft, or 268,737 sq ft including chargeable area. The monthly rent is Rs 6.315 crore, translating to an effective rate of Rs 235 per square foot. The lease includes an annual escalation clause of 4.5 per cent, which allows for steady upward revision in rent throughout the lease term. To secure the lease, Apple has deposited Rs 31.57 crore as a security amount, as per the agreement. In addition to base rent, the lease agreement includes payments for maintenance of common areas and car parking facilities, which contribute to the total cost burden borne by the company. Detailed financial disclosures indicate that Apple India will pay approximately Rs 1,010 crore over 10 years, covering rent, car park charges, and common area maintenance (CAM) fees. Apple has also expressed interest in potential future expansion within the same building, with plans to lease the ground to fourth floors as well. This additional area measures around 121,203 sq ft, which would nearly double their office footprint, bringing it to nearly 4 lakh sq ft. The building is owned by Mac Charles (India) Limited, affiliated with Embassy Group, a major player in Bengaluru's commercial property development sector. Queries to Apple and Embassy Group did not elicit a response as of Sunday night. In 2021, Apple leased 1.16 lakh sq ft at a monthly rental of Rs 2.43 crore in Prestige Minsk Square, a commercial building located on Cubbon Road in central Bengaluru, where it began operations in 2023. This office space expansion is part of Apple's large-scale plans to increase production in India and open four more retail stores in Bengaluru and Pune, in addition to stores in Delhi-NCR and Mumbai, as well as its two marquee stores in Mumbai and Delhi opened in 2023.
NDTV
41 minutes ago
- NDTV
India-Maldives Bilateral Trade Jumps 3-Fold In Last 7 Years
New Delhi: Bilateral trade between India and the Maldives has registered a more than 3-fold jump over the past seven years from $223 million in 2017–18 to $680 million in 2024–25, according to official figures. India's exports to the Maldives rose from $217 million in FY 2017-18 to $561 million in FY 2024-25, while imports from the Maldives expanded from $6 million to $119 million during the same period. The trade between the two countries is expected to increase further with Prime Minister Narendra Modi announcing a Rs 4,850 crore line of credit to the Maldives during his recent visit to the island nation last month. Additionally, PM Modi announced that discussions for a free trade agreement have also started between the two countries. India has decided to promote renewable energy in the Maldives and will share its experience in this sector with the Indian Ocean neighbour. PM Modi visited the Maldives at the invitation of President Mohamed Muizzu and attended the country's 60th Independence Day celebrations as the Guest of Honour. This also represented a turnaround in relations with the Muizzu government, which came to power in 2023. The turnaround in the bilateral ties assumes significance as President Muizzu, known to be close to China, was known for his anti-India rhetoric while in the opposition as part of his political strategy to oust the earlier government. The Maldives is one of India's key maritime neighbours in the Indian Ocean Region, and the overall bilateral ties, including in areas of defence and security, witnessed an upward trajectory under the previous governments in Male. This sentiment is embedded in India's Neighbourhood First policy and the MAHASAGAR vision, which recognises that the security and prosperity of the region are inseparable. India's approach is grounded in the belief that small island nations are not peripheral actors in global affairs but are frontline states in the fight against climate change, guardians of critical sea lanes, and partners in maritime security. The Maldives, straddling vital shipping routes, occupies a central place in India's Indian Ocean strategy.
The Print
41 minutes ago
- The Print
Govt implements Rs 3,000 FASTag pass for private vehicles
'Till 4:30 PM on the first day of the implementation, around 1.2 lakh users purchased and activated the annual pass and about 1.24 lakh transactions were recorded on toll plazas,' it added. The statement said the annual pass has received an overwhelming response from the national highway users. New Delhi, Aug 15 (PTI) State-owned NHAI has implemented the FASTag annual pass across the country from Friday to encourage the use of technology to enhance 'ease of living' for the citizens, according to an official statement. The statement said that providing a seamless and economical travel option to national highway users, the FASTag Annual Pass eliminates the need to frequently recharge FASTag through a one-time fee payment of Rs 3,000 for one year's validity or 200 toll plaza crossings on National Highways and Expressways across the country. The annual pass is applicable to all non-commercial vehicles with a valid FASTag and gets activated within two hours of the one-time fee payment through the Rajmargyatra App or NHAI website. With a penetration rate of around 98 per cent and over 8 crore users, FASTag has revolutionised the Electronic Toll Collection system in the country, the statement said. The introduction of the annual pass facility will not only enhance the FASTag user experience but also make journeys on the National Highways and Expressways more economical and seamless, it added. PTI BKS BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
