Blackstone has acquired a prime shopping centre in the Indian city of Kolkata for INR3,250 crore (鈧�357.5m) 鈥� 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鈥檚 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: 鈥淲e 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 鈥� it鈥檚 the definitive destination in Kolkata for shopping, dining, leisure, and entertainment.
鈥淲e are committed to continuing South City Group鈥檚 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.鈥�
Sushil Mohta, chairman of Merlin Group and director of South City Projects, said: 鈥淲e 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. 鈥�
Commenting on the deal, Soumendu Chatterjee, regional director, land, at ANAROCK Group, said: 鈥淭he 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.鈥�
Prakash Bachhawat, director, JB Group, who led the transaction process on behalf of South City Projects, said: 鈥淭his transaction represents more than an acquisition 鈥� it鈥檚 a vote of confidence in Eastern India鈥檚 retail ecosystem.鈥�
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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