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Global investment firm Blackstone has made a major foray into eastern India's retail sector by acquiring South City Mall in Kolkata for INR 3,250 crore. The one million sq ft mall, known for its high footfall and annual turnover exceeding INR 1,800 crore, has been described as an iconic destination for shopping and leisure. Real estate consultancy Anarock served as the exclusive transaction advisor in the deal. Blackstone plans to leverage its retail expertise to enhance the mall's long-term performance.
Global investment firm Blackstone has acquired South City Mall in Kolkata for a transaction value of INR 3,250 crore, marking a major investment in eastern India's retail sector. The shopping complex comprises 10 lakh square feet of retail space and registers an average annual turnover exceeding INR 1,800 crore. Real estate consultancy firm Anarock acted as the sole transaction advisor for the deal. Advertisement
Asheesh Mohta, Head of Real Estate Acquisitions - India at Blackstone, expressed that the firm was pleased to expand its footprint in India through this strategic investment. He noted that South City Mall stands as a vital community space and the go-to destination in Kolkata for shopping, dining, and entertainment. Mohta added that Blackstone intends to continue the strong foundation laid by South City Group, drawing on its scale, operational capability, and deep experience in retail-particularly in India, where it holds one of the country's largest retail portfolios.
Commenting on the mall's significance, Sushil Mohta, Chairman of Merlin Group and Director of South City Projects, remarked that South City Mall is regarded as a premier retail property located in one of South Kolkata's most prestigious areas.
Soumendu Chatterjee, Regional Director - Land at Anarock Group, stated that the mall enjoys exceptionally high footfall, with daily visitors ranging between 55,000 and 60,000. This number surges to anywhere between 75,000 and 200,000 during weekends and festive periods.
South City Projects is a joint venture involving six prominent business families from Kolkata, who bring over 25 years of combined experience in real estate development. The consortium has established itself as a leading developer of retail and mixed-use projects across South Asia.
The deal reinforces Blackstone's strategy to deepen its presence in India's expanding retail market by leveraging high-performing, large-format assets and supporting them with global best practices in operations and customer experience.
Source - PTI
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