ECONOMYNEXT – US private equity firm Blackstone is said to have acquired unsold apartments in Sri Lanka’s Altair project, as it bought Kolkata’s South City Mall, which originally promoted the project in the island.
Blackstone bought South City Mall for 3,250 crore Indian rupees, MilleniumPost.com said quoting a statement by Anarock group, a consultancy which advised Blackstone.
The deal was a “benchmark in cross-border real estate transactions, reflecting investor confidence in high-performing retail and luxury residential sectors across South Asia” the report quoted Anuj Puri, chairman of Anarock as saying.
With this move, Blackstone reinforces its commitment to long-term value creation in India’s retail and residential sectors, leveraging its global expertise to elevate two premier assets in Kolkata and Colombo.
The Altair project has been embroiled in court action after construction delays. (Colombo/June18/2025)
