In a significant development in India’s real estate and retail landscape, Blackstone has finalized the acquisition of Kolkata’s iconic South City Mall for ₹3,250 crore. The transaction, with ANAROCK as the sole transaction advisor, marks one of the largest retail property deals in Eastern India. This strategic investment underscores Blackstone’s deepening commitment to the Indian retail sector, where it already holds one of the largest portfolios.
Blackstone’s Bold Expansion into Eastern India
Blackstone’s latest acquisition brings a marquee asset under its wing — South City Mall, spanning 10 lakh sq ft of prime retail space in South Kolkata. Developed by a consortium of reputed builders and launched in January 2008, the mall is renowned for its high footfalls, premium brand mix, and robust revenue generation.
According to ANAROCK, the mall:
- Hosts 150+ retail stores featuring top Indian and international brands
- Generates an average annual turnover exceeding ₹1,800 crore
- Offers multi-level parking for over 1,250 vehicles
- Includes the largest food court in the region
Key Highlights of the Deal
Summary of South City Mall Acquisition
| Feature | Details |
|---|---|
| Acquirer | Blackstone |
| Seller | South City Projects consortium |
| Deal Value | ₹3,250 crore |
| Mall Size | 10 lakh sq ft |
| Location | South Kolkata |
| Annual Turnover | ₹1,800+ crore |
| Parking Capacity | 1,250+ cars |
| Food Court | Largest in Eastern India |
| Footfall | 55,000–60,000 daily, 75,000–2 lakh on weekends/festivals |
| Transaction Advisor | ANAROCK Group |
Statements from Key Stakeholders
Asheesh Mohta, Head of Real Estate Acquisitions – India, Blackstone:
“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.”
Soumendu Chatterjee, Regional Director – Land, ANAROCK Group:
“We are delighted to have been the sole transaction advisor for the iconic South City Mall. The mall has very high footfall — from 55,000–60,000 on weekdays to 75,000–200,000 during weekends and festivals.”
Sushil Mohta, Chairman, Merlin Group & Director, South City Projects:
“South City Mall is indeed a prime retail asset in one of the most prestigious areas in South Kolkata. The mall boasts numerous premium retail and lifestyle brands.”
Prakash Bachhawat, Director, JB Group (on behalf of South City Projects):
“This transaction represents more than an acquisition – it’s a vote of confidence in Eastern India’s retail ecosystem. We’re proud to partner with a world-leading firm like Blackstone.”
Strategic Implications
This acquisition strengthens Blackstone’s position in India’s retail real estate market, especially in the under-penetrated yet high-potential Eastern Indian market. With its track record of managing large retail portfolios and improving operational efficiency, Blackstone is well-poised to drive further value and footfall to South City Mall.
FAQs
Q1: What is the significance of the South City Mall deal?
A1: The ₹3,250 crore acquisition is one of the largest retail real estate transactions in Eastern India, highlighting Blackstone’s aggressive expansion in the Indian retail sector.
Q2: Who was the transaction advisor for this deal?
A2: ANAROCK Group served as the sole transaction advisor, facilitating the landmark acquisition.
Q3: What are the key features of South City Mall?
A3: The mall has 10 lakh sq ft of retail space, houses over 150 stores, and includes the region’s largest food court with parking for over 1,250 cars.
Q4: How does this acquisition benefit Blackstone?
A4: It adds a high-performing asset to Blackstone’s Indian retail portfolio and positions the firm for stronger penetration in the Eastern region’s consumer market.
Q5: What is the average footfall of South City Mall?
A5: Daily footfalls range between 55,000 to 60,000, peaking between 75,000 to 200,000 on weekends and during festive seasons.