Blackstone has acquired South City Mall in Kolkata for a transaction value of ?3,250 crore. Anarock Group was the transaction advisor in the deal. South City Mall was developed by South City Projects (Kolkata), a consortium of Merlin Group, Emami Group, Sachi Group, Surekha Group, JB Group and Rameswara Group and launched in January 2008. Spanning over one million sq ft, the mall generates an average annual turnover of over ?1,800 crore. Sushil Mohta, chairman of Merlin Group and director of South City Projects speaking to ETRealty confirmed the transaction and said, "For us, it made sense as we are now planning for the next generation. Exiting from a previous joint venture allows us to plan for future projects. We were looking to liquidate the asset and Blackstone offered a good value, hence we exited. Merlin Group has plans to open two more malls in West Bengal one of which is of about five lakh sq ft and is being developed in Joka, Kolkata. It is also developing five million sq ft IT park in sector V, Kolkata and has 15 residential projects under construction. 
 

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