Blackstone Acquires South City Mall in Kolkata for ₹3,250 Crore in Major Real Estate Move
Blackstone has acquired the South City Mall in Kolkata for a transaction value of ₹3,250 crore, marking a strategic exit for the Merlin Group. The mall, spanning over one million sq ft, generates an average annual turnover of over ₹1,800 crore.
BlackstoneSouth City MallMerlin GroupKolkataReal EstateReal Estate NewsJun 17, 2025
South City Mall was developed by South City Projects (Kolkata), a consortium of Merlin Group, Emami Group, Sachi Group, Surekha Group, JB Group, and Rameswara Group, and launched in January 2008. The mall spans over one million sq ft and generates an average annual turnover of over ₹1,800 crore.
Sushil Mohta, chairman of Merlin Group and director of South City Projects, confirmed the transaction, stating, “For us, it made sense as we are now planning for the next generation. Exiting from a previous joint venture allows us to plan for future projects. We were looking to liquidate the asset and Blackstone offered a good value, hence we exited.”
Merlin Group has plans to open two more malls in West Bengal, one of which is about five lakh sq ft and is being developed in Joka, Kolkata. The group is also developing a five million sq ft IT park in Sector V, Kolkata, and has 15 residential projects under construction. “Overall, we are developing about 15 million sq ft in Kolkata and Pune,” added Mohta.
The acquisition by Blackstone underscores the growing interest of global investors in India’s real estate market, particularly in commercial and retail properties. The South City Mall, with its strategic location and robust performance, is expected to add significant value to Blackstone’s portfolio in India.
Frequently Asked Questions
What is the transaction value of Blackstone's acquisition of South City Mall?
The transaction value of Blackstone's acquisition of South City Mall in Kolkata is ₹3,250 crore.
Who developed South City Mall in Kolkata?
South City Mall was developed by South City Projects (Kolkata), a consortium of Merlin Group, Emami Group, Sachi Group, Surekha Group, JB Group, and Rameswara Group.
When was South City Mall launched?
South City Mall was launched in January 2008.
What is the average annual turnover of South City Mall?
The average annual turnover of South City Mall is over ₹1,800 crore.
What are Merlin Group's future plans in West Bengal?
Merlin Group plans to open two more malls in West Bengal, one of which is a 5 lakh sq ft mall being developed in Joka, Kolkata. They are also developing a 5 million sq ft IT park in Sector V, Kolkata, and have 15 residential projects under construction.
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