Through this acquisition, Blackstone will add over one million square feet of retail space to its portfolio, as per the reports
In an effort to boost its retail real estate portfolio in India, Blackstone, a global investment major, has acquired South City Mall in Kolkata for Rs 3,250 crore. The high-profile acquisition was advised exclusively by Anarock Group, as per the reports.
Through this acquisition, Blackstone will add over one million square feet of retail space to its portfolio. The reports noted that South City Mall is a hub for shopping, dining, entertainment and leisure. The mall houses over 150 Indian and global brands, including Shoppers Stop, Armani, Tommy Hilfiger and others.
The reports noted that the mall attracts daily footfalls between 55,000 and 60,000, with weekends clocking numbers over 2,00,000. The average turnover exceeds Rs 1,800 crore, and it features a parking facility for over 1,250 cars, the reports further highlighted.
With this, the global investment firm is not only investing in high-performing retail destinations, but also tapping the high-density urban catchments and tier one cities. The reports also cited one of the officials calling the transaction a vote of confidence in the eastern India’s retail growth potential.
