Blackstone’s Landmark Acquisition: South City Mall Joins India’s Premier Retail Portfolio

A Transformative Milestone for Kolkata’s Retail Landscape

Blackstone, the world’s largest alternative investment firm, has made a bold statement in India’s real estate sector with its acquisition of Kolkata’s iconic South City Mall for ₹3,250 crore ($376.8 million). This landmark transaction, brokered by real estate consultancy Anarock, marks one of the largest single-asset retail deals in the country and underscores Blackstone’s unwavering commitment to India’s dynamic retail market.

A Legacy of Excellence and Collaboration

South City Mall, developed by South City Projects (Kolkata) Ltd., is the result of a partnership among six prominent Kolkata-based business families—Emami Group, Rameswara Group, Shrachi Group, Sureka Group, Merlin Group, and JB Group. For over two decades, this consortium has shaped Kolkata’s urban skyline, and South City Mall stands as a testament to their collective vision and expertise. Since its launch in 2006, the mall has become a cornerstone of Kolkata’s retail and social life, spanning one million square feet and generating an annual turnover of ₹1,600 crore.

A Destination for the Community

South City Mall is more than just a shopping center—it is a vibrant hub where the community gathers. The mall hosts over 150 leading Indian and international brands, features one of the city’s largest food courts, and offers multi-storey parking for 1,250 vehicles. With daily footfalls ranging from 55,000 to 60,000—and surging during weekends and festive seasons—South City Mall is the definitive destination for shopping, dining, leisure, and entertainment in Eastern India.

Blackstone’s Expanding Footprint in Indian Retail

Blackstone’s acquisition of South City Mall further solidifies its position as a leading institutional owner of retail space in India. The firm also sponsors Nexus Select Trust, India’s only listed retail-focused real estate investment trust (REIT). Nexus Select Trust’s recent acquisition of Bengaluru’s Vega City Mall for ₹913 crore ($105 million) and its ownership of multiple malls across 15 cities highlight the growing appetite for high-quality retail assets in India.

A Vision for India’s Retail Future

With this latest acquisition, Blackstone is not only investing in a high-performing retail destination but also reaffirming its long-term commitment to India’s real estate sector. The firm manages $50 billion in assets in India, with a significant focus on real estate. Blackstone CEO Stephen Schwarzman has announced plans to double the firm’s India exposure to $100 billion over the next few years, signaling continued confidence in the country’s growth story.

A Catalyst for Growth and Innovation

Blackstone’s entry into South City Mall is expected to bring operational expertise, global best practices, and fresh capital, positioning the mall for long-term success. The deal is a vote of confidence in Eastern India’s retail potential and sets the stage for further innovation and growth in the region’s commercial real estate sector.