Global investment firm Blackstone announced the acquisition of South City Mall in Kolkata on Tuesday for Rs 3,250 crore. The update was shared by real-estate consultant Anarock which said said it has “successfully advised” the transaction. The sprawling mall in West Bengal spans more than one million square feet and generates an average annual turnover of over Rs 1800 crore.
“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,” said Asheesh Mohta, the Head of Real Estate Acquisitions – India for Blackstone..
The mall was first opened in 2008 and closed its doors for nearly two years after a devastating fire. South City Mall eventually reopened with extensive renovations underway will 2018. It currently attracts a footfall of approximately 60,000 people on a daily basis — surging to more than 200,000 on weekends and during festive seasons. It features the largest food court in eastern India and a parking facility for more than 1,250 vehicles.
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.
“South City Mall is indeed a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata,” added Sushil Mohta — the Chairman of Merlin Group and Director of South City Projects.
(with inputs from agencies)