Blackstone to buy South City Mall in Kolkata for ₹3,480 cr

IN THE LARGEST deal in the mall space, global investor Blackstone Group is set to acquire South City Mall in Kolkata for ₹3,480 crore ($400 million), said people familiar with the matter.

- RAGHAVENDRA KAMATH

Apart from the mall, the deal also includes the purchase of a school property in Sri Lanka, the people said.

"Both the mall and school are running very well. Most of the negotiations have been done," they said.

The same people said the deal is being sealed at about 20% higher than Select City Walk, which was included in its Nexus Select Trust, people said.

The deal will enable Blackstone-led Nexus Select Trust to make a foray into Kolkata.