Blackstone acquires South City Mall in Kolkata for ₹3,250 crore
Blackstone has acquired South City Mall, one of Kolkata's largest shopping destinations, for ₹3,250 crore. The mall spans 10 lakh sq ft of retail space and was acquired with ANAROCK serving as the sole transaction advisor.
According to ANAROCK, South City Mall houses over 150 stores, featuring a wide range of Indian and international brands. It generates an average annual turnover of over ₹1,800 crore and includes the largest food court in the region. The property also offers multi-level parking with a capacity of over 1,250 cars.
'We applaud Blackstone on this acquisition. South City Mall is indeed a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata. The mall boasts numerous premium retail and lifestyle brands,' said Sushil Mohta, chairman of Merlin Group and director of South City Projects.
Soumendu Chatterjee, Regional Director - Land, ANAROCK Group, said "We are delighted to have been the sole transaction advisor for the iconic South City Mall. We look forward to seeing the project continue to thrive in Blackstone's able hands. 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.'
'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,' Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone, said.
Prakash Bachhawat, Director, JB Group, who led the transaction process on behalf of South City Projects, says, 'This transaction represents more than an acquisition – it's a vote of confidence in Eastern India's retail ecosystem. South City Mall is an iconic development, and we're proud to partner with a world-leading firm like Blackstone."
South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008.
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