Kolkata, June 17, 2025 – In a significant move within India’s retail real estate sector, global investment firm Blackstone has acquired Kolkata’s iconic South City Mall for ₹3,250 crore. This acquisition marks the largest single-asset retail real estate deal in the city and underscores Blackstone’s expanding footprint in India’s commercial property market.
A Prime Retail Destination
Opened in January 2008, South City Mall spans over one million square feet and is one of Eastern India’s largest shopping centers. Located on Prince Anwar Shah Road in South Kolkata, the mall houses more than 150 stores, including prominent brands like Zara, Tommy Hilfiger, Armani, Calvin Klein, Shoppers Stop, and Adidas. It also boasts a 1,400-seat food court, the largest in the region, and a six-screen INOX multiplex.
The mall generates an annual turnover exceeding ₹1,800 crore and attracts daily footfalls of 55,000 to 60,000, which can surge to between 75,000 and 200,000 during weekends and festive seasons.
Strategic Acquisition
The deal, which took approximately nine months to finalize, was facilitated by real estate consultancy Anarock Group, serving as the sole transaction advisor. Blackstone’s acquisition of South City Mall adds to its extensive retail portfolio in India, managed through Nexus Select Trust, the country’s only publicly listed retail-focused real estate investment trust (REIT). The firm has previously invested over $50 billion across various sectors in India.
Confidence in Eastern India’s Retail Market
The acquisition reflects Blackstone’s confidence in the growth potential of Eastern India’s retail market. Sushil Mohta, Chairman of Merlin Group and Director of South City Projects, emphasized that the deal is more than just an acquisition—it represents a vote of confidence in the region’s retail ecosystem. Merlin Group, part of the consortium that developed the mall, plans to reinvest the proceeds into future projects, including new malls and a large IT park in Kolkata.
This landmark transaction not only enhances Blackstone’s presence in Kolkata but also sets a precedent for future investments in India’s retail real estate sector.
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Harsh Dev is a Senior Real Estate Advisor at BookNewProperty, specializing in investment analysis and long-term asset appreciation. With extensive experience in the Bangalore market, he tracks high-growth corridors and infrastructure shifts. Harsh provides data-backed insights to help readers navigate complex property trends and economic cycles.
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