Blackstone Acquires Kolkata's South City Mall for Rs 3,250 Crore: A Strategic Move in Indian Retail
Global private equity firm Blackstone has made a significant move in the Indian retail sector by acquiring South City Mall in Kolkata for a transaction value of Rs 3,250 crore. The deal, facilitated by real estate consultancy firm ANAROCK, was announced on June 17, 2025.
Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone, expressed his excitement about the acquisition. “South City Mall is the definitive destination in Kolkata for shopping, dining, leisure, and entertainment. We are thrilled to strengthen our presence in India and invest in this iconic asset. 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,” he stated.
Spanning over one million square feet, South City Mall is a premier shopping destination featuring a vast array of international and Indian brands. The mall generates an average annual turnover of over Rs 1,800 crore and houses over 150 stores. It also offers multi-storeyed parking for over 1,250 cars, making it a convenient and accessible location for shoppers.
Blackstone, based in the United States, is the largest owner of commercial and retail real estate in India. As of December 31, 2024, the firm managed over $1.1 trillion in assets under management. Blackstone has been actively investing in India since 2006, pumping in more than $50 billion across various sectors, including IT services, asset and wealth management, auto components, and online learning.
Soumendu Chatterjee, Regional Director - Land, ANAROCK Group, highlighted the significance of the deal. “This landmark transaction once again showcases ANAROCK's ability to facilitate large-scale, complex deals and commitment to delivering comprehensive real estate advisory services for marquee assets. The mall has a high footfall, with daily visitors ranging between 55,000 and 60,000, which surges to 75,000–200,000 during weekends and festive seasons,” he said.
South City Mall was developed by a consortium of real estate players in the region and launched in January 2008. Sushil Mohta, Chairman of Merlin Group and Director of South City Projects, praised the acquisition. “South City Mall is indeed a prime retail asset in one of the most sought-after areas in South Kolkata. We applaud Blackstone on this acquisition. The mall boasts numerous premium retail and lifestyle brands, including Zara, Tommy Hilfiger, Levi’s, Only, Armani, Calvin Klein, The Collective, United Colours of Benetton, Adidas, PUMA, and Fab India, among others,” he added.
This acquisition is a strategic move by Blackstone to capitalize on the growing retail market in India, particularly in major cities like Kolkata. With its extensive portfolio and operational expertise, Blackstone is well-positioned to enhance the value and appeal of South City Mall, further solidifying its position in the Indian retail landscape.
