Latest news with #SouthCityProjects
Time of India
an hour ago
- Business
- Time of India
Blackstone buys South City Mall, Colombo project for 3,250 crore
Kolkata: South City Mall changed hands in what was one of the largest real estate deals in the city and the first mall deal. Blackstone, one of the world's largest alternative asset management funds, has acquired South City Projects, the holding company of the mall, for Rs 3,250 crore. Tired of too many ads? go ad free now Along with the mall, the $1.1 trillion global asset manager has also acquired unsold inventories of South City's Colombo project — Altair, according to sources. South City School, however, will remain with erstwhile promoters. South City Projects was owned by a consortium that included Emami, Merlin Group, Sureka Group, Shrachi Group, Jugal Khetawat and JB Group. It was learnt that South City Mall was valued between Rs 2,700 crore and Rs 2,800 crore while the remaining Rs 450 crore-500 crore was for the Colombo project. For Blackstone, the acquisition represents a strategic entry into the Kolkata market. While the firm already owns 18 malls across 14 Indian cities, the acquisition of South City Mall marks its first major retail investment in eastern India's commercial capital. Blackstone manages assets worth Rs 9.6 lakh crore worldwide and has deployed Rs 1.7 lakh crore in India's office space and hotels. Anarock Group, a leading independent real estate services firm, served as the exclusive transaction adviser for both acquisitions. "This transaction represents more than an acquisition — it's a vote of confidence in eastern India and Bengal's economy and retail ecosystem," said Sushil Mohta, chairman of Merlin Group and director of South City Projects. He highlighted the unique nature of South City Group as a consortium of six prominent Kolkata business families. "We have collaborated successfully for over 25 years. Our consortium itself is a case study in sustained partnership and shared vision," he added. Tired of too many ads? go ad free now Prakash Bachawat, a key stakeholder in South City Projects who stewarded the transaction, expressed enthusiasm about the partnership. "This investment will undoubtedly accelerate the growth trajectory of both assets while maintaining their premium market positioning," he added. Asheesh Mohta, head of real estate acquisitions - India, Blackstone, said: "We are thrilled to strengthen our presence in India and invest in this iconic asset. South City Mall is a place where the community comes together — it's the definitive destination in Kolkata for shopping, dining, leisure and entertainment." Located on Prince Anwar Shah Road, South City Mall is a retail powerhouse generating an average annual turnover of Rs 1,800 crore. The mall is spread across 12.5 lakh square feet with a gross retail area of 6.5 lakh square feet. The mall sees 30,000-40,000 footfalls on weekdays and 75,000-1.5 lakh on weekends. It houses around 150 stores anchored by major brands such as Shoppers Stop, Pantaloons, Spencers and a six-screen Inox multiplex and the region's largest food court. It also hosts premium brands such as Zara, Tommy Hilfiger, Armani, Calvin Klein and Adidas, alongside dining favourites Chili's, Mainland China as well as a Starbucks.
Mint
10 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.
Mint
12 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. With a combined 65% share of this supply, Hyderabad and Delhi-National Capital Region will command the lion's share among the top cities.
Time of India
15 hours ago
- Business
- Time of India
Blackstone acquires Kolkata's South City Mall for Rs 3,250 crore
Blackstone has acquired South City Mall in Kolkata for a transaction value of Rs 3,250 crore. South City Projects is a consortium of six Kolkata business families with over 25 years of collaborative real estate development experience. Anarock was the transaction advisor in the deal. Spread over one million square feet, the mall generates an average annual turnover of over Rs 1800 crore. It has the largest food court in this part of Kolkata, multi-storeyed parking capable of holding over 1250 cars simultaneously, and houses over 150 stores. 'South City Mall is a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata,' said Sushil Mohta, Chairman of Merlin Group and Director of South City Projects. The mall daily visitors ranges between 55,000 and 60,000, surging to 75,000– 200,000 during weekends and festive seasons. "This transaction showcases our ability to facilitate large-scale, complex deals and commitment to delivering comprehensive real estate advisory services for marquee assets,' said Soumendu Chatterjee, Regional Director - Land, ANAROCK Group. 'We have strengthened our presence in India. We will continue South City Group's work and positioning South City Mall for long-term success, benefiting from our scale, operational expertise, and deep experiences inthe retail sector , particularly in India where we own one of the largest retail portfolios,' said Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone. South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008. 'South City Mall is an iconic development, and we're proud to partner with a world-leading firm like Blackstone,' said Prakash Bachhawat, Director – JB Group, who led the transaction process on behalf of South City Projects.
