Blackstone acquires South City Mall in Kolkata for Rs 3,250cr

Mumbai, June 17 (PTI) Global investment firm Blackstone has acquired South City Mall, comprising 10 lakh sq ft retail area, in Kolkata for Rs 3,250 crore.

In a statement on Tuesday, real estate consultant Anarock said it has "successfully advised on Blackstone's acquisition of South City Mall in Kolkata".

"Blackstone has acquired this prime asset for a transaction value of Rs 3,250 crore", it added.

Anarock was the sole transaction advisor in the deal.

South City Mall spans over one million (10 lakh) square feet and the asset generates an average annual turnover of over Rs 1800 crore.

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." "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.

Sushil Mohta, Chairman of Merlin Group and Director of South City Projects, said, "South City Mall is indeed a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata." 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.

South City Projects represents a consortium of six leading Kolkata business families with over 25 years of collaborative real estate development experience.

The company has established itself as a premier developer of retail and mixed-use properties across South Asia. PTI MJH MR