Alternative asset management firm Blackstone has acquired South City Mall in Kolkata, India for a record price of US$377M.
Blackstone purchased the mall from property developer South City Projects, with Anarock acting as the latter’s advisor. The deal sets a new record for the price of a retail asset in the city.
South City Mall spans more than one million square feet and houses more than 250 shops operated by both Indian and international brands.
First opened in January 2008, the shopping centre generates average annual sales of approximately INR18bn, according to Anarock. Footfall ranges between 55,000 and 60,000 daily and surges to 75,000-200,000 during weekends and holidays.
“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,” commented Asheesh Mohta, Head of Real Estate Acquisitions for India at Blackstone.
