A private equity firm has acquired a major shopping mall in Kolkata in a transaction valued at around ?3,250 crore. An advisory firm assisted with the deal.
The mall, originally developed by a consortium of real estate and investment partners, was opened in January 2008. Covering more than one million square feet, it records an average annual turnover exceeding ?1,800 crore.
A senior member of one of the original developer groups confirmed the sale, noting that exiting from the previous joint venture will allow the consortium to focus on upcoming developments. The group is planning to open two additional malls in West Bengal, including a five-lakh-square-foot project in Joka, Kolkata. It is also working on a five-million-square-foot IT park in Sector V, along with 15 residential projects currently under construction.
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