Blackstone Acquires South City Mall and Altair Project in Sri Lanka at ₹3,250 cr

In what can be described as global investment powerhouse strengthening its eastern India and South Asia presence, South City Projects, the holding company behind South City Mall, on Tuesday announced the successful completion of the acquisition by Blackstone, marking Kolkata's largest real estate deal and one of Eastern India's most significant transactions to date.

- RITWIK MUKHERJEE

As part of a combined transaction, Blackstone has also acquired the unsold inventories in the Sri Lankan residential project Altair from the South City Group, taking the total deal size to Rs 3,250 crore.

The landmark deal sees the $1.1 trillion global asset manager—which manages assets worth Rs 9.6 lakh crore worldwide and has deployed Rs 1.7 lakh crore in India's office space and hotels—acquire two flagship properties: South City Mall, Kolkata's largest shopping destination.

For Blackstone, this acquisition represents a strategic entry into the Kolkata market. While the firm already owns 18 malls across 14 Indian cities, South City Mall marks its first major retail investment in Eastern India's commercial capital.