Blackstone Acquires South City Mall in Kolkata for ₹3,250 Crore
Global asset manager Blackstone Group has acquired South City Mall in Kolkata for ₹3,250 crore from South City Projects, marking the largest retail asset buyout in recent years.
BlackstoneSouth City MallReal EstateKolkataRetailReal EstateJun 17, 2025
South City Projects is a consortium of real estate developers and business families in Kolkata. Launched in January 2008, South City is the largest shopping mall in eastern India, with over a million square feet of space.
The deal took around nine months to close. Property consultancy Anarock Group was the transaction adviser. Asheesh Mohta, head of real estate acquisitions—India, Blackstone, said in a statement, “We are thrilled to strengthen our presence in India and invest in this iconic asset. South City Mall is a definitive destination in Kolkata for shopping, dining, leisure, and entertainment.”
Mohta added, “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.”
Nexus Select Trust, India's first and only publicly listed retail-focused real estate investment trust (Reit), is backed by Blackstone. Sushil Mohta, chairman of real estate firm Merlin Group and director of South City Projects, says, “South City Mall is a prime retail asset in south Kolkata. The mall has numerous premium retail and lifestyle brands.”
Blackstone has acquired the mall in Kolkata at a time when Mumbai-based Phoenix Mills Ltd, the largest shopping mall developer, is building a large mall in the city's upscale Alipore neighbourhood. Soumendu Chatterjee, regional director—land, Anarock Group, said, “South City Mall has a very high footfall, ranging between 55,000-60,000 daily, surging to 75,000–200,000 during weekends and festive seasons.”
Blackstone has invested in multiple real estate asset classes in the country, including commercial office, retail, warehousing, and, more recently, residential. Over 16.6 million square feet of new Grade A mall supply is expected to enter the top seven cities in 2025 and 2026, as consumer demand and leasing momentum remain high, as per Anarock research.
With a combined 65% share of this supply, Hyderabad and Delhi-National Capital Region will command the lion's share among the top cities.
Frequently Asked Questions
What is the value of the acquisition of South City Mall by Blackstone?
The acquisition of South City Mall by Blackstone is valued at ₹3,250 crore.
Who is South City Projects?
South City Projects is a consortium of real estate developers and business families in Kolkata.
What is the size of South City Mall?
South City Mall is the largest shopping mall in eastern India, with over a million square feet of space.
Who advised on the transaction?
Property consultancy Anarock Group was the transaction adviser for the deal.
What is the expected footfall at South City Mall during weekends and festive seasons?
The footfall at South City Mall surges to 75,000–200,000 during weekends and festive seasons.
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