9911796707
TMI BlogSouth City Mall-Blackstone deal 'speculative', no urgency to clinch sale: Consortium partnerX X X X Extracts X X X X X X X X Extracts X X X X ..... South City Mall-Blackstone deal 'speculative', no urgency to clinch sale: Consortium partner X X X X Extracts X X X X X X X X Extracts X X X X ..... uth City Projects is a consortium of prominent real estate developers like Merlin Group, Sureka Group, Emami Group, Park Chambers Group, and Shrachi Group. South City Mall is its flagship project. "It has been receiving offers from various funds, including Blackstone, Brookfield, Canadian Pension Fund, and Singapore's Temasek since 2020," a significant consortium partner who wished not to be quot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed told PTI. "We have not approached anyone. Offers poured in from various funds and we have been evaluating those as part of our normal business practice. But it would be incorrect to assume that South City Projects is under any urgency to clinch a deal or that the company is in unmanageable debt," the consortium partner said. The shareholder emphasised South City Projects would consider offers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... based on valuations. The consortium comprises 75-80 shareholders from various real estate companies, and it will take everyone on board, he said. Among various options on the table for the expansion of the company, floating a REIT is also one among them, he said. A Real Estate Investment Trust (REIT) is a company that owns or finances income-generating properties, allowing individuals to invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in real estate through tradable shares. "We are negotiating to acquire DLF IT Park II to grow this professionally managed real estate company," the partner said. South City Mall, one of the largest in eastern India, attracts substantial footfall and houses prominent domestic and international brands like Zara, Sephora, and Marks & Spencer. If a deal with Blackstone materialises, it would mark ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the US investment giant's entry into the retail mall sector in Kolkata. Blackstone already manages a significant portfolio of retail properties in India through its Nexus Select Trust, which operates 18 malls across 14 cities. Another REIT backed by Blackstone and Sattva Developers, India's Knowledge Realty Trust, has sought approval for an initial public offering of Rs 6,200 crore. PTI BSM SBN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SBN X X X X Extracts X X X X X X X X Extracts X X X X
|
