Blackstone snaps up prime shopping centre in the Indian city of Kolkata

Blackstone has acquired a prime shopping centre in the Indian city of Kolkata for INR3,250 crore (€357.5m) – setting a new record for the price of a retail asset in the city.

The shopping mall, South City Mall, is largely regarded as a crown jewel on East India’s retail landscape, according to the sole advisor on the deal, ANAROCK.

Spanning over one million square feet, the mall features a vast array of international and Indian brands and generates an average annual turnover of over INR 1800 Cr. 

Asheesh Mohta, head of real estate acquisitions, India, at 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. 

“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.”

Sushil Mohta, chairman of Merlin Group and director of South City Projects, said: “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. “

Commenting on the deal, Soumendu Chatterjee, regional director, land, at ANAROCK Group, said: “The mall has a very high footfall. Daily visitors range between 55,000 and 60,000, surging to 75,000 to 200,000 during weekends and festive seasons.”

Prakash Bachhawat, director, JB Group, who led the transaction process on behalf of South City Projects, said: “This transaction represents more than an acquisition – it’s a vote of confidence in Eastern India’s retail ecosystem.”

South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008. It has become a vibrant community hub and continues to redefine the shopping and leisure experience in Kolkata.

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