Making a strategic entry into the Kolkata market, US investment giant Blackstone has acquired Kolkata’s iconic South City Mall for ₹3,250 crore, in the city’s largest real estate deal to date.

The South City Mall, spread across 12.5 lakh sq ft with a gross retail area of 6.5 lakh sq ft, has been Kolkata’s largest shopping destination. Its average annual turnover stands at ₹1,800 crore.

South City Projects, the holding company behind South City Mall, on Tuesday announced the successful completion of the acquisition by Blackstone. South City Projects represents a consortium of six leading business families of Kolkata with over 25 years of collaborative real estate development experience.

Strategic entry

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

Real estate services firm Anarock was the sole transaction advisor in the deal.

Asheesh Mohta, Head of Real Estate Acquisitions, India, Blackstone, said, “We are thrilled to strengthen our presence in India and invest in this iconic asset. South City Mall is a place where the community comes together; it’s the definitive destination in Kolkata for shopping, dining, leisure, and entertainment.”

Mohta said Blackstone was committed to continuing South City Group’s wonderful work and positioning South City Mall for long-term success, benefiting from its scale, operational expertise, and deep experiences in the retail sector, particularly in India where it owns one of the largest retail portfolios.

“This transaction represents more than an acquisition; it’s a vote of confidence in eastern India’s retail ecosystem,” said Sushil Mohta, Chairman of Merlin Group and Director of South City Projects Ltd.

“South City Mall is an iconic development; we’re proud to partner with a world-leading fund like Blackstone,” Mohta said.

He highlighted the unique nature of South City Group as a consortium of six prominent Kolkata business families: Emami Group, Merlin Group, Park Chambers Group, Shrachi Group, Jugal Kishore Khetawat, and Rajendra Kumar Bachhawat, who have collaborated successfully for over 25 years.

Commenting on this deal, Soumendu Chatterjee, Regional Director, Land, ANAROCK Group, said, “We are delighted to have been the sole transaction advisor for the iconic South City Mall. We look forward to seeing the project continue to thrive in Blackstone’s able hands.”

High footfall

According to Chatterjee, the mall has a very high footfall, daily visitors range between 55,000 and 60,000, surging to 75,000–200,000 during weekends and festive seasons.

Launched in January, 2008, the mall has established itself as Kolkata’s most popular shopping destination. It hosts premium brands including Zara, Tommy Hilfiger, Armani, Calvin Klein, Adidas, alongside dining favorites like Starbucks, Chili’s, and Mainland China. The property features the region’s largest food court.

Published on June 17, 2025