South City Mall

Real estate services firm Anarock was the sole transaction advisor to the deal

A major shareholder of South City Projects, the consortium behind Kolkata's iconic South City Mall, has downplayed recent reports of a potential USD 400 million deal with alternative asset manager Blackstone, describing it as "speculative". South 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 quoted 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 emphasis

Global investors have bet big on malls in the country due to fixed rental income and low risk involved

The fire started from the false ceiling of the food court on mall's third floor