Latest news with #SouthCityMall
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Business Standard
5 hours ago
- Business
- Business Standard
PE firm Blackstone acquires South City Mall in Kolkata for ₹3.2K cr
American private equity (PE) firm Blackstone has acquired South City Mall in Kolkata for a transaction value of ₹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, Benetton, Adidas, Puma and Skechers, among others. 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 ₹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 in the mall space in eastern India. It said, '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 festival 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 the Merlin Group and director of South City Projects Ltd, said that 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 ₹6,200 crore. This is the country's most expensive mall deal. In 2020, Blackstone acquired the mall business of Bengaluru-based Prestige Estates Projects for $1,237 million. As part of a combined transaction, Blackstone has also acquired unsold inventories in Sri Lankan residential project Altair from the South City Group, taking the total deal size to ₹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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Business Standard
6 hours ago
- Business
- Business Standard
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.
New Indian Express
7 hours ago
- Business
- New Indian Express
Blackstone acquires Kolkata's South City Mall for Rs 3,250 crore
Private equity major Blackstone has acquired South City Mall in Kolkata for a transaction value of Rs 3,250 crore. A consortium of leading real estate players in the Kolkata region developed the South City Mall. The mall was launched in January 2008. ANAROCK Group advised Blackstone in making one of its biggest real estate deals in India. Spanning over one million square feet, the South City Mall is one of the biggest shopping malls in Eastern India. It features many international and Indian brands and generates an average annual turnover of over Rs 1800 crore. It has the largest food court in Kolkata, multi-storeyed parking capable of holding over 1250 cars simultaneously, and houses 150+ stores. '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,' said Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone.
Hindustan Times
8 hours ago
- Business
- Hindustan Times
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.
Mint
8 hours ago
- Business
- Mint
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.
