Blackstone acquires South City Mall and Colombo’s Altair Proj

Kolkata: In a landmark transaction strengthening its presence in Eastern India and South Asia, global investment firm Blackstone has acquired Kolkata’s iconic South City Mall and the unsold inventory of Sri Lanka’s luxury Altair residential project from South City Projects for Rs 3250 crore.

The deal marks the largest real estate acquisition in Kolkata and one of the most significant in Eastern India to date.

An issued statement read that this acquisition represents Blackstone’s strategic entry into Kolkata’s retail market. With 18 malls across 14 Indian cities, this is the asset manager’s first retail investment in the region. South City Mall, located on Prince Anwar Shah Road, boasts over 150 retail stores, a six-screen INOX multiplex, and top brands including Zara, Armani and Starbucks. The mall generates an estimated Rs 1800 crore in annual turnover and draws up to 150,000 visitors during peak periods.

“This transaction is more than a sale; it’s a vote of confidence in Eastern India’s retail ecosystem,” said Sushil Mohta, chairman of Merlin Group and director of South City Projects Ltd. He emphasised the consortium’s long-standing collaboration among six prominent Kolkata business families behind the South City Group.

Prakash Bachawat, a key stakeholder in the project, welcomed the Blackstone partnership, saying it will boost the assets’ growth while maintaining their premium positioning.

The deal also includes the unsold luxury units in Altair, a Colombo-based residential skyscraper developed by the South City Group.

The cross-border transaction was facilitated by Anarock Group, which served as the exclusive advisor.

Anuj Puri, chairman of Anarock, hailed the deal as a benchmark in cross-border real estate transactions, reflecting investor confidence in high-performing retail and luxury residential sectors across

South Asia. With this move, Blackstone reinforces its commitment to long-term value creation in India’s retail and residential sectors, leveraging its global expertise to elevate two premier assets in Kolkata and Colombo.