Blackstone buys Kolkata's South City Mall for ₹3,250 crore
Bengaluru: Global asset manager Blackstone Group has acquired South City Mall in Kolkata for ₹ 3,250 crore from South City Projects, in the largest retail asset buyout in recent years.
South City Projects is a consortium of real estate developers and business families in Kolkata. Launched in January 2008, South City is the largest shopping mall in eastern India, with over a million sq. ft.
The deal took around nine months to close. Property consultancy Anarock Group was the transaction adviser.
'We are thrilled to strengthen our presence in India and invest in this iconic asset. South City Mall is a definitive destination in Kolkata for shopping, dining, leisure, and entertainment," Asheesh Mohta, head of real estate acquisitions—India, Blackstone, said in a statement.
'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 added.
Nexus Select Trust, India's first and only publicly listed retail-focused real estate investment trust (Reit), is backed by Blackstone.
Sushil Mohta, chairman of real estate firm Merlin Group and director of South City Projects, says, 'South City Mall is a prime retail asset in south Kolkata. The mall has numerous premium retail and lifestyle brands."
Blackstone has acquired the mall in Kolkata, at a time when Mumbai-based Phoenix Mills Ltd, the largest shopping mall developer, is building a large mall in the city's upscale Alipore neighbourhood.
'South City Mall has a very high footfall, ranging between 55,000-60,000 daily, surging to 75,000–200,000 during weekends and festive seasons,' said Soumendu Chatterjee, regional director—land, Anarock Group.
Blackstone has invested in multiple real estate asset classes in the country, including commercial office, retail, warehousing, and, more recently, residential.
Over 16.6 million sq. ft of new Grade A mall supply is expected to enter the top seven cities in 2025 and 2026, as consumer demand and leasing momentum remain high, as per Anarock research.
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