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Blackstone buys Carnival's property for Rs 2,200 crore

Carnival sold the property as it was a non-core asset for them, says source

K Raghavendra Kamath  |  Mumbai 


The US-based firm has bought the of Mumbai-based multiplex operator in Chandigarh. 

According to a source, the deal was sealed at Rs 2,200 crore. It is one of the largest deals this year after (PE) firm Xander group acquired 4.6 million square feet (sq ft) special economic zone of Shriram Properties and SUN Apollo, a PE fund manager.

The of Carnival is around 1.8 million sq ft, including a 1 million sq ft mall, a Hyatt Hotel and some office space.

Carnival bought the property from L&T Realty, the real estate arm of L&T (Larsen and Toubro), in 2015 for Rs 1,785 crore. Carnival made 23 per cent returns from its two-year investment. Now, will have a mall portfolio of 4.7 million sq ft and become the No 2 mall owner in the country after Mumbai’s Phoenix Mills. “Though other investors were also in the race, was the top contender and closed the deal recently,” the source said.

Carnival sold the property as it was a non-core asset for them, the source said.

When contacted, a spokesperson of said, “does not comment on media/market speculations.” A mail to did not get any response. is the largest owner of office space in the country, with a portfolio of 70 million sq ft. It has invested over $3 billion in Indian properties since 2011. Two of its joint ventures, one with Embassy group in Bengaluru and second with Panchshil Realty of Pune, are looking to float real estate investment trusts or Reits.

Early this year, it bought a 15 per cent stake in the rental arm of K Raheja Corp for Rs 1,700 crore. It was also in the race to buy the stake in DLF rental arm DLF Cybercity, which went to Singapore’s GIC.

First Published: Wed, July 19 2017. 01:21 IST