Elante Mall, Chandigarh biggest shopping destination sold to Blackstone. Global investment firm Black stone has finalised the deal with Carnival Group for Elante Mall (Chandigarh), though amount remains undisclosed. Earlier Larsen and Toubro (L&T) Mall owner and creator sold Elante Mall to Carnival group for a record amount of Rs 1785 Crore in 2015. Mall is sold for the second time in two years. This top league deal has made real estate history in India by striking one of the biggest single asset real estate deal in the country.
Elante, Chandigarh is the biggest mall in the northern region excluding NCR. Mall is spread over 1.2 million sq ft of retail space with 235 outlets selling major brands. Elante Mall attracts thousand of shoppers daily to its retail space offering various International and domestic Brands, multiplex, food court.
Elante Mall (Chandigarh) now with Blackstone
Nexus Malls fully owned subsidiary of US-based global investment firm Blackstone Group will now own and manage this property. Blackstone has bought Chandigarh’s largest shopping destination for a whopping amount which has set records. Blackstone is now the new owner of Elante Mall. Nexus Mall has an objective of managing Elante Mall with a focus on identifying, evaluating and adding value to the asset. The company will implement the state of the art technology in all India Malls by bringing professional Mall management in India.
Sources disclose that Carnival Group had an objective to book profit, thus they must have sold Elante Mall to Blackstone for a whopping amount of over Rs 2000 crore. Elante Mall, Chandigarh has retail space and office premises spread over 1.5 million sq ft and a luxury hotel, Hyatt. The rental depends upon the size, location and floor of the space available, though average rental at Elante Mall is around Rs 150 per square feet.
Nexus Malls In India
Nexus Mall owns a total of seven assets in the country which is approximately 4.5 million sq ft of retail space. Nexus Mall has a huge portfolio including various malls in its list-Elante Mall (Chandigarh), Ahmedabad One (Ahmedabad), Mall of Amritsar (Amritsar), Seawoods Grand Central Mall (Mumbai). Nexus Mall has 70 percent stake in Treasure Island Next (Indore), 50 percent stake in Treasure Island (Indore) and Westend Mall (Pune). Global investment company claims that monthly sales of these seven malls are around Rs 750-800 crore.
Virtuous Retail South Asia (VRSA), developer of lifestyle shopping store, acquired the 2 million-sq ft North Country Mall in Kharar for Rs 700 crore from Sun Apollo-Gumberg.
Source: The Tribune
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